West Virginia Durable Power of Attorney (Financial)

Last Updated: 7/2/2015

Document Description

While it’s difficult to anticipate many life events, you can prepare to deal with them should they occur. If, for example, you were to become ill, injured or otherwise incapacitated, you might need someone to manage your affairs for you. A financial power of attorney is a document that makes provisions now for circumstances that may arise later, which will give you and your loved ones the comfort of knowing a plan is in place, and your assets will be secured.

As the principal, you have the ability to name very specific or broad powers that you would like a chosen individual(s), to have when managing your finances. The person who is given these powers is known as the agent or attorney-in-fact. Creating a financial power of attorney does not mean that you relinquish your rights; however, you can continue to handle your accounts as normal for as long as you desire or are able. Just remember that the agent will also have access in the areas you select.

The West Virginia Financial Power of Attorney is a customizable document and allows you to grant powers in specific areas including banking, personal property, investments and more. You can add custom areas as well as special instructions that would further extend or limit the agent’s powers. You may wish to name more than one agent or a successor agent in case your first choice can no longer serve.

This document is created in accordance with West Virginia probate code and is legally binding. It can take effect immediately and despite any future disability (which makes it durable) or a when a physician determines you are no longer capable of effectively managing your affairs. It generally continues until you die, although you may revoke it at any time.

The state of West Virginia requires that you have your financial power of attorney signed and notarized. Once that has been done, you should give copies to your agent and any financial institutions with which you do business. You can also upload a signed copy to your ezEstatePlanner Vault, where it will be available for immediate access whenever you may need it.

Visit www.courtswv.gov/ for additional information about legal matters in West Virginia.

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