Title 64.2, Title 64.2. Wills, Trusts, and Fiduciaries

A. A power of attorney executed in the Commonwealth on or after July 1, 2010, is valid if its execution complies with § 64.2-1603. B. A power of attorney executed in the Commonwealth before July 1, 2010, is valid if its execution complied with the law of the Commonwealth as it ex…

The meaning and effect of a power of attorney is determined by the law of the jurisdiction indicated in the power of attorney and, in the absence of an indication of jurisdiction, by the law of the jurisdiction in which the power of attorney was executed.

A. In a power of attorney, a principal may nominate a conservator or guardian of the principal's estate or guardian of the principal's person for consideration by the court if protective proceedings for the principal's estate or person are begun after the principal executes the p…

A. A power of attorney is effective when executed unless the principal provides in the power of attorney that it becomes effective at a future date or upon the occurrence of a future event or contingency. B. If a power of attorney becomes effective upon the occurrence of a future…

A. A power of attorney terminates when: 1. The principal dies; 2. The principal becomes a vulnerable adult, if the power of attorney is not durable; 3. The principal revokes the power of attorney; 4. The power of attorney provides that it terminates; 5. The purpose of the power o…

A. A principal may designate two or more persons to act as coagents. Unless the power of attorney otherwise provides, each coagent may exercise its authority independently. B. A principal may designate one or more successor agents to act if an agent resigns, dies, becomes incapac…

Unless the power of attorney otherwise provides, an agent is entitled to reimbursement of expenses reasonably incurred on behalf of the principal and to compensation that is reasonable under the circumstances.

Except as otherwise provided in the power of attorney, a person accepts appointment as an agent under a power of attorney by exercising authority or performing duties as an agent or by any other assertion or conduct indicating acceptance.

A. Notwithstanding provisions in the power of attorney, an agent that has accepted appointment shall: 1. Act in accordance with the principal's reasonable expectations to the extent actually known by the agent and, otherwise, in the principal's best interest; 2. Act in good faith…

A provision in a power of attorney relieving an agent of liability for breach of duty is binding on the principal and the principal's successors in interest except to the extent the provision: 1. Relieves the agent of liability for breach of duty committed dishonestly, with an im…

A. In addition to the remedies referenced in § 64.2-1621, the following persons may petition a court to construe a power of attorney or review the agent's conduct, and grant appropriate relief: 1. The principal or the agent; 2. A guardian, conservator, personal representative of …

An agent that violates this chapter is liable to the principal or the principal's successors in interest for the amount required to: 1. Restore the value of the principal's property to what it would have been had the violation not occurred; and 2. Reimburse the principal or the p…

Unless the power of attorney provides a different method for an agent's resignation, an agent may resign by giving notice to the principal and, if the principal is incapacitated: 1. To the conservator or guardian, if one has been appointed for the principal, and a coagent or succ…

A. For purposes of this section and § 64.2-1618, "acknowledged" means verified before a notary public or other individual authorized to take acknowledgments. B. A person that in good faith accepts an acknowledged power of attorney that has been signed in accordance with § 64.2-16…

A. Except as otherwise provided in subsection B: 1. A person shall either accept an acknowledged power of attorney or request a certification, a translation, or an opinion of counsel under subsection C of § 64.2-1617 no later than seven business days after presentation of the pow…

Unless displaced by a provision of this chapter, the principles of law and equity supplement this chapter.

This chapter does not supersede any other law applicable to financial institutions or other entities, and the other law controls if inconsistent with this chapter.

The remedies under this chapter are not exclusive and do not abrogate any right, remedy, or penalty, including a court-supervised accounting or criminal prosecution, under the laws of the Commonwealth other than this chapter.

A. Subject to the provisions of subsection H, an agent under a power of attorney may do the following on behalf of the principal or with the principal's property only if the power of attorney expressly grants the agent the authority and exercise of the authority is not otherwise …

A. An agent has authority described in this article if the power of attorney refers to general authority with respect to the descriptive term for the subjects stated in §§ 64.2-1625 through 64.2-1638, or cites the section in which the authority is described. B. A reference in a p…

Except as otherwise provided in the power of attorney, by executing a power of attorney that incorporates by reference a subject described in §§ 64.2-1625 through 64.2-1638 or that grants to an agent authority to do all acts that a principal could do pursuant to subsection C of §…

A. Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to real property authorizes the agent to: 1. Demand, buy, lease, receive, accept as a gift or as security for an extension of credit, or otherwise acquire o…

Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to tangible personal property authorizes the agent to: 1. Demand, buy, receive, accept as a gift or as security for an extension of credit, or otherwise acquir…

Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to stocks and bonds authorizes the agent to: 1. Buy, sell, and exchange stocks and bonds; 2. Establish, continue, modify, or terminate an account with respect …

Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to commodities and options authorizes the agent to: 1. Buy, sell, exchange, assign, settle, and exercise commodity futures contracts and call or put options on…

Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to banks and other financial institutions authorizes the agent to: 1. Continue, modify, and terminate an account or other banking arrangement made by or on beh…

Subject to the terms of a document or an agreement governing an entity or an entity ownership interest, and unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to operation of an entity or business authorizes th…

Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to insurance and annuities authorizes the agent to: 1. Continue, pay the premium or make a contribution on, modify, exchange, rescind, release, or terminate a …

A. In this section, "estate, trust, or other beneficial interest" means a trust, probate estate, guardianship, conservatorship, escrow, or custodianship or a fund from which the principal is, may become, or claims to be entitled to a share or payment. B. Unless the power of attor…

Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to claims and litigation authorizes the agent to: 1. Assert and maintain before a court or administrative agency a claim, claim for relief, cause of action, co…

A. Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to personal and family maintenance authorizes the agent to: 1. Perform the acts necessary to maintain the customary standard of living of the principal, the…

A. In this section, "benefits from governmental programs or civil or military service" means any benefit, program, or assistance provided under a statute or regulation including, but not limited to, Social Security, Medicare, Medicaid, and the Department of Veterans Affairs. B. U…

A. In this section, "retirement plan" means a plan or account created by an employer, the principal, or another individual to provide retirement benefits or deferred compensation of which the principal is a participant, beneficiary, or owner, including a plan or account under the…

Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to taxes authorizes the agent to: 1. Prepare, sign, and file federal, state, local, and foreign income, gift, payroll, property, Federal Insurance Contribution…

A. In this section, a gift "for the benefit of" a person includes a gift to a trust, a custodial trust under the Uniform Custodial Trust Act (§ 64.2-900 et seq.), an account under the Uniform Transfers to Minors Act (§ 64.2-1900 et seq.), and a tuition savings account or prepaid …

The following optional form may be used by an agent to certify facts concerning a power of attorney. AGENT'S CERTIFICATION AS TO THE VALIDITY OF POWER OF ATTORNEY AND AGENT'S AUTHORITY State of ____________________ County/City of ____________________ I, ____________________ (Name…

In applying and construing this uniform act, consideration shall be given to the need to promote uniformity of the law with respect to its subject matter among the states that enact it.

This chapter modifies, limits, and supersedes the federal Electronic Signatures in Global and National Commerce Act (15 U.S.C. § 7001 et seq.), but does not modify, limit, or supersede § 101(c) of that act (15 U.S.C. § 7001(c)) or authorize electronic delivery of any of the notic…

Except as otherwise provided in this chapter, on July 1, 2010: 1. This chapter applies to a power of attorney created before, on, or after July 1, 2010; 2. This chapter applies to a judicial proceeding concerning a power of attorney commenced on or after July 1, 2010; 3. This cha…