Any Virginia resident’s financial affairs are a critical part of life. Wanting to ensure that money matters stay as they should is a common goal for many people. Of course, unexpected life events could put a person’s health and ability to make financial decisions in jeopardy. In hopes of avoiding financial hardships that could stem from incapacitation, it may be worthwhile to make power of attorney appointments.
Some individuals may not be keen on the idea of appointing someone else to handle their personal affairs, but having a power of attorney agent could allow that person to step in during a critical time. In some cases, the principal may not have time to ensure that everything is in order after suffering a sudden incapacitating event. At such a time, the agent could take over the financial matters applicable in the scope of his or her power.
A springing power of attorney can postpone the agent’s power until an incapacitating event occurs. This option better ensures that the agent will not act out of turn or otherwise abuse the power of the position. Additionally, abuse may be much less likely if the principal takes the time to thoroughly consider who to appoint and choose a trusted person rather than the court having to choose who takes on this important role.
Misconceptions could result in some Virginia residents feeling hesitant about appointing a power of attorney agent. However, with the right information, they may find that the benefits of having an agent vastly outweigh possible downsides. If individuals are interested in gaining reliable information about this planning option, they may wish to explore local legal resources.
