Full question:
I hold a durable Power of Attorney for financial management, executed September 2008. Recently a title company said it was out of date for the closing about to take place. It was no big deal as the co-owner is now able to be present. But how can it possibly be out of date? Am I required to update this Power of Attorney every 6 months or something?
- Category: Power of Attorney
- Date:
- State: Virginia
Answer:
There are a few reasons why your Power of Attorney (POA) might be considered outdated. Although Virginia's power of attorney laws have not significantly changed since 2008, the form you used may be old. Additionally, the POA document could include terms that specify when it becomes invalid. It's also possible that the title company has a policy requiring POA documents to be executed within a certain timeframe. I recommend reviewing the document carefully or consulting a local attorney for a detailed examination of your situation.
According to Virginia law (Va. Code § 11-9.1), a power of attorney can remain valid even if the principal becomes disabled, provided it states that it will not terminate on disability. However, if a conservator or guardian is appointed for the principal, the court may limit the agent's authority. If you have concerns about your POA's validity, it's best to seek professional legal advice.
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.