Monday - Friday8:30AM - 5PM
OfficesFairfax | Manassas
Document 02 · The Basic Estate Plan
Who handles your money if you cannot.
A financial power of attorney names the person who can step in and manage your money and property while you are still living, if illness or injury means you cannot do it yourself. It is durable, customizable, and tailored to your situation.
First call is a conversation, not a commitment.
The Short Answer
A financial power of attorney lets you name your agent now, so that if you ever cannot manage your finances, the right person already has authority. Without it, your family has to ask a court to appoint someone, which is public, slow, and costly at the worst possible moment.
How It Works
What the document actually authorizes.
A power of attorney is a grant of authority. You decide who holds it, how much they hold, and when it begins. Here is how those choices fit together.
1
You name an agent
Your agent, sometimes called your attorney-in-fact, is the person you trust to act for you on money matters. You can name a backup in case your first choice is unavailable. This is a position of real trust, so the choice matters more than almost any other in the plan.
2
You set the scope
The authority can be broad, covering banking, bills, tax filings, real estate, and investments, or narrowly limited to a single task. You decide how much room your agent has, and the document spells it out so there is no guessing.
3
You choose when it starts
It can take effect immediately when you sign, or it can be springing, meaning it only activates when a doctor confirms you are incapacitated. Immediate powers are simpler to use. Springing powers add a step but give you more control over timing.
4
It stays durable through incapacity
A durable power of attorney keeps working after you become incapacitated, which is the whole point. The moment you can no longer manage your own affairs is exactly when your agent needs the authority to act.
§
Virginia's Uniform Power of Attorney Act
Virginia's power of attorney rules begin at Va. Code § 64.2-1600. They set out how a power of attorney is created, what makes it durable, the duties your agent owes you, and how third parties like banks are expected to accept it. A document drafted to track these rules is far less likely to be questioned when it is actually needed.
Statutes change. Confirm the current rules before relying on this. This page is general information, not legal advice for your situation.
What It Covers
The work an agent can take on.
Within the scope you set, a financial power of attorney can keep your everyday financial life running without interruption.
01
Banking & Bills
Pays your mortgage, utilities, and other bills, and manages day-to-day banking so nothing lapses while you are unable to act.
02
Taxes & Filings
Handles tax filings and deals with government agencies on your behalf, keeping deadlines from slipping past.
03
Real Estate
Manages, maintains, or, if you authorize it, sells real property, so your home and other holdings do not sit frozen.
04
Investments
Oversees investment and retirement accounts within the limits you set, keeping your finances managed rather than stalled.
Worth Knowing
The difference it makes.
A power of attorney is one page of paperwork that decides whether your family steps in smoothly or stands in a courtroom.
+ With a power of attorney
- Your chosen agent can act the moment it is needed
- Bills, taxes, and accounts keep moving without a gap
- The scope and timing are exactly what you decided
- No court involvement and no public proceeding
− Without one
- Family must petition a court to appoint a conservator
- The process is public, takes time, and costs money
- The court, not you, decides who is appointed
- Bills and obligations can fall behind while you wait
Alisa Chunephisal, Esq.
Family Law Attorney
From the Attorney
"People think a power of attorney is about old age. It is really about any day you cannot get to the bank yourself."
An accident or a sudden illness can take away your ability to manage money for weeks or months, at any age. If that happens and there is no power of attorney in place, your family cannot simply step in. They have to go to court first.
The fix is simple and worth doing early. Name someone you trust, decide how much authority they should have, and decide when it begins. We draft it to match Virginia's rules so banks and other institutions actually honor it when the day comes.
The Full Plan
Explore the rest of the estate plan.
01 Last Will & Testament →
02 Power of Attorney You are here
03 Advance Medical Directive →
04 Guardianship Designation →
05 Beneficiary Coordination →
06 Testamentary Trusts →
07 Post-Divorce Updates →
08 Blended-Family Planning →
09 Special-Needs Provisions →
10 Business Owner Planning →
11 Non-Traditional Families →
12 Plan Reviews →
Questions Families Ask
Plain answers about powers of attorney.
What is a financial power of attorney?
It is a document that names a person, called your agent or attorney-in-fact, who can handle your money and property if you cannot. It can cover banking, bills, taxes, real estate, and investments. Virginia's Uniform Power of Attorney Act, beginning at Va. Code § 64.2-1600, governs how it works and what your agent is allowed to do.
What does durable mean?
Durable means the power of attorney keeps working even after you become incapacitated. That is usually the entire point, since the moment you cannot manage your own finances is exactly when your agent needs authority. In Virginia, a power of attorney is durable unless the document specifically says otherwise.
When does it take effect?
You decide. It can take effect immediately when you sign, or it can be springing, meaning it only takes effect when a doctor confirms you are incapacitated. Immediate powers are simpler to use in practice because there is no extra step to prove. Springing powers add that step but give you more control over timing.
What happens if I do not have one?
If you lose the ability to manage your finances and have no power of attorney, your family has to petition a court to appoint a conservator. That process is public, takes time, and costs money, all at a moment when your family is already under stress. A power of attorney signed in advance avoids the whole proceeding.
When You Are Ready
Name your agent before you need one.
Tell us who you trust and how much authority they should have. We will draft a durable power of attorney in plain English, built to Virginia's rules so it works when it counts. Three Northern Virginia offices, one phone number.