Under Virginia law, otherwise known as the Uniform Power of Attorney Act, a financial power of attorney form is created by a resident by selecting another person to have the rights and responsibilities to in their presence for any monetary related action. The person selected, referred to as the ‘Agent’, should be a trusting individual that the principal can handle business affairs, investments, and personal assets while always acting in their best interests.
The form does not become void if the principal should become incapacitated, therefore if dementia or risky surgery is coming to a head, the agent should be briefed on how to handle financial activity. The document is recommended to be signed with a notary public or two adult witnesses.