Financial Power of Attorney - Virginia

VIRGINIA DURABLE FINANCIAL POWER OF ATTORNEY

IMPORTANT INFORMATION

This power of attorney authorizes another person (your Agent) to act concerning your property and finances. It does not authorize health-care decisions or the making, amendment, or revocation of your will.

Virginia does not prescribe a statutory Principal form. The only form in Article 3 of the Virginia Uniform Power of Attorney Act is an optional Agent certification in Va. Code § 64.2-1639.

Select someone you trust. The authority granted can be broad. This form is effective immediately and is durable unless you change those provisions after Virginia legal review.

DESIGNATION OF AGENT

I, [PRINCIPAL FULL LEGAL NAME], of [PRINCIPAL ADDRESS], name:

Name of Agent: [AGENT FULL LEGAL NAME]

Agent's Address: [ADDRESS]

Agent's Telephone Number: [TELEPHONE]

Agent's Email: [EMAIL]

as my Agent.

DESIGNATION OF SUCCESSOR AGENTS

If my Agent is unable or unwilling to act for me, I name:

Name of Successor Agent: [NAME]

Address: [ADDRESS]

Telephone Number: [TELEPHONE]

If my Successor Agent is unable or unwilling to act for me, I name:

Name of Second Successor Agent: [NAME]

Address: [ADDRESS]

Telephone Number: [TELEPHONE]

Under Va. Code § 64.2-1609, a Successor Agent has the original Agent's authority unless this form provides otherwise and may not act until every predecessor Agent has resigned, died, become incapacitated, is no longer qualified, or has declined to serve.

CO-AGENTS

[____] I appoint no Co-Agent.

[____] I appoint [CO-AGENT NAME AND CONTACT INFORMATION] as Co-Agent.

Under Va. Code § 64.2-1609, each Co-Agent may act independently unless this form provides otherwise. If a Co-Agent is named, choose one:

[____] Each Co-Agent may act independently.

[____] Co-Agents must act jointly.

[____] Co-Agents will act under these instructions: [DESCRIBE].

GRANT OF GENERAL AUTHORITY

I grant my Agent general authority with respect to each subject that I initial below. Va. Code § 64.2-1623 incorporates the cited section into this power.

INITIAL each subject you want to grant. A blank line does not grant that subject.

GRANT OF SPECIFIC AUTHORITY

My Agent MAY NOT exercise an authority listed below unless I initial that specific authority.

CAUTION: Granting one of these authorities may significantly reduce your property or change how it is distributed during life or at death. Initial only an authority you deliberately want to grant after Virginia legal review.

Unless a Virginia attorney has advised otherwise, leave every specific-authority line blank.

Even when a specific authority is granted, § 64.2-1622(B) restricts an Agent who is not my ancestor, spouse, or descendant from using the power to create an interest in my property for the Agent or a person whom the Agent is legally obligated to support unless this form provides otherwise.

SPECIAL INSTRUCTIONS

Compensation and Reimbursement

Va. Code § 64.2-1610 provides reimbursement of reasonably incurred expenses and reasonable compensation unless this power provides otherwise. Choose one:

[____] The statutory reimbursement and reasonable-compensation rule applies.

[____] The Agent may receive reimbursement but no compensation.

[____] Compensation and reimbursement will be determined as follows: [DESCRIBE].

Gifts

If gift authority is initialed above, choose one:

[____] Gift authority is limited to the default authority in Va. Code § 64.2-1638.

[____] Gift authority is modified as follows: [DESCRIBE ONLY AFTER VIRGINIA LEGAL REVIEW].

If the gift authority above is blank, this form grants no gift authority.

Additional Instructions or Limitations

[____________________________________________________________]

[____________________________________________________________]

[____________________________________________________________]

EFFECTIVE DATE AND DURABILITY

This power is effective immediately under Va. Code § 64.2-1607.

This power is durable and is not terminated by my incapacity. Va. Code § 64.2-1602 makes a power created under Chapter 16 durable unless it expressly provides otherwise.

Virginia permits a future date, event, contingency, or incapacity trigger. If an incapacity-triggered power does not name a decision maker, § 64.2-1607 requires a written determination by either (i) the attending physician and a second physician or licensed clinical psychologist after personal examination, or (ii) an attorney-at-law, judge, or appropriate governmental official under the statutory standard. This form does not use a springing trigger.

NOMINATION OF CONSERVATOR OR GUARDIAN

If a conservator of my estate or guardian of my person must be appointed, I nominate:

Nominee for Conservator: [NAME AND ADDRESS]

Nominee for Guardian: [NAME AND ADDRESS]

TERMINATION AND EARLIER POWERS

This power and an Agent's authority terminate as provided in Va. Code § 64.2-1608. Among other events, an Agent's authority terminates if the Agent dies, becomes a vulnerable adult, resigns, is convicted of financial exploitation of the Principal under § 18.2-178.2, or becomes subject to a listed family action involving the Principal, unless the statute or this power provides otherwise.

A later power does not revoke an earlier power unless the later power expressly revokes the earlier power or all other powers. Choose one:

[____] I revoke every earlier financial power of attorney that I executed.

[____] I revoke only the following earlier power or powers: [IDENTIFY BY DATE AND AGENT].

[____] I preserve the following earlier power or powers: [IDENTIFY BY DATE AND AGENT].

Promptly deliver notice of any revocation to the Agent and every person known to be relying on the power.

RELIANCE AND ACCEPTANCE

Va. Code § 64.2-1617 protects good-faith reliance on an acknowledged power when the person lacks actual knowledge of invalidity, termination, or improper exercise, subject to the statute's forged-signature rule.

Under § 64.2-1618, a person generally must accept an acknowledged power or request a certification, translation, or opinion of counsel within seven business days after presentation. After receiving requested material, the person generally must accept within five business days. The section lists permitted grounds for refusal and remedies for a refusal that violates the statute.

SIGNATURE AND ACKNOWLEDGMENT

Va. Code § 64.2-1603 requires the Principal's signature, or a signature made in the Principal's conscious presence by another individual directed to sign the Principal's name. Acknowledgment is not stated as a separate validity element, but it creates a presumption that the signature is genuine and supports the statutory reliance and acceptance provisions. This form therefore uses acknowledgment.

Principal's Signature: ____________________________________

Printed Name: [PRINCIPAL FULL LEGAL NAME]

Date: [__/__/____]

Address: [PRINCIPAL ADDRESS]

Notarial Acknowledgment

COMMONWEALTH OF VIRGINIA

CITY/COUNTY OF [LOCALITY]

This document was acknowledged before me on [__/__/____] by [PRINCIPAL FULL LEGAL NAME].

Signature of Notary: ____________________________________

Notary Registration Number: [NUMBER]

My Commission Expires: [__/__/____]

Official Seal:

For real-property recording, the power must also satisfy Va. Code § 55.1-600.

IMPORTANT INFORMATION FOR AGENT

Acceptance

Under Va. Code § 64.2-1611, you accept appointment by exercising authority, performing duties, or otherwise asserting or indicating acceptance unless this power provides otherwise.

Duties and Disclosure

Under § 64.2-1612, you must act in accordance with the Principal's reasonable expectations to the extent actually known and otherwise in the Principal's best interest, act in good faith, and act only within the authority granted.

Unless this power provides otherwise, you must act loyally, avoid conflicts that impair impartial action, use the care, competence, and diligence ordinarily exercised by similar Agents, keep records of receipts, disbursements, and transactions, cooperate with a health-care decision maker, and attempt to preserve the known estate plan when consistent with the Principal's best interest.

On a proper request by the Principal or specified fiduciary or estate representative, comply within thirty days or explain in a writing or record why more time is needed and comply within an additional thirty days.

Current § 64.2-1612, as amended by 2026 Chapter 398, also requires disclosure to certain interested persons who reasonably request it with a good-faith belief concerning incapacity. The disclosure covers the extent to which the Agent acted and actions within the statutory five-year lookback, permits reasonable inspection, and uses the same thirty-day-plus-thirty-day response process. A post-death request is subject to the statute's one-year deadline.

Liability

Under § 64.2-1615, an Agent who violates Chapter 16 may be liable for the amount required to restore the value of the Principal's property and reimburse specified attorney fees and costs. This form does not impose an artificial liability cap, indemnity, fixed cure period, mandatory arbitration, jury waiver, force-majeure defense, or exclusive probate forum.

Optional Agent Acknowledgment

I, [AGENT FULL LEGAL NAME], have read this power and accept appointment subject to its authority, limitations, and duties.

Agent's Signature: ____________________________________

Date: [__/__/____]

Each Successor Agent should sign a separate acknowledgment before acting.

Sources and References

• Virginia Law, current Chapter 16, Uniform Power of Attorney Act: https://law.lis.virginia.gov/vacodefull/title64.2/chapter16/
• Virginia Law, Article 1 general provisions: https://law.lis.virginia.gov/vacodefull/title64.2/chapter16/article1/
• Virginia Law, Article 2 authority: https://law.lis.virginia.gov/vacodefull/title64.2/chapter16/article2/
• Virginia Law, Article 3 optional Agent certification: https://law.lis.virginia.gov/vacodefull/title64.2/chapter16/article3/
• Virginia LIS, 2026 Chapter 398 amendment to § 64.2-1612: https://lis.virginia.gov/bill-details/20261/HB510/text/CHAP0398