How often does a Power of Attorney need to be updated?
Full Question:
Answer:
There are several possible reasons why it may be claimed to be outdated. Although there have been no major changes to the Virginia power of attorney statutes since the beginning of 2008, it may be a form created a long time ago. The power of attorney document may specify a contingency that terminates the power granted. Most likely, it is a policy of the title company to require the document to be signed within a certain time frame. I suggest you read the terms of the document carefully or consult a local attorney who can review all the facts and documents involved.
The following is a VA statute:
§ 11-9.1. When power of attorney, etc., not terminated
by principal's disability; exception. —
A. Whenever any power of attorney or other writing, in which
any principal shall vest any power or authority in an
attorney-in-fact or other agent, shall contain the words
"This power of attorney (or his authority) shall not
terminate on disability of the principal" or other words
showing the intent of the principal that such power or
authority shall not terminate upon his disability, then all
power and authority vested in the attorney-in-fact or agent
by the power 01 attorney or other writing shall continue and
be exercisable by the attorney-in-fact or agent on behalf of
the principal notwithstanding any subsequent disability,
incompetence, or incapacity of the principal at law, except
as provided in subsection B. All acts done by the
attorney-in-fact or agent, pursuant to such power or
authority, during the period of any such disability,
incompetence or incapacity, shall have in all respects the
same effect and shall inure to the benefit of, and bind the
principal as fully as if the principal were not subject to
such disability, incompetence or incapacity. If any
conservator, guardian, or committee shall thereafter be
appointed for the principal, the attorney-in-fact or agent
shall, during the continuance of such appointment, account
to such conservator, guardian, or committee as he would
otherwise be obligated to account to the principal.
B. The appointment of a conservator, guardian, or committee
pursuant to Title 37.2 shall not of itself revoke or limit
the authority of the attorney-in-fact or other agent.
However, in a proceeding in which the attorney-in-fact or
other agent is made a party, the court which appointed the
conservator, guardian, or committee may revoke, suspend, or
otherwise limit the authority of the attorney-in-fact or
other agent at the request of, and based upon information
provided by, the conservator, guardian, committee, or other
interested parties for an incapacitated individual.
Furthermore, where no conservator, guardian, or committee
has been appointed, the circuit court of the city or county
where the principal resides or is located, in a proceeding
brought by a person interested in the welfare of the
principal as defined in § 37.2-1018, and in which the
attorney-in-fact or other agent and the principal are made
parties, may terminate, suspend, or otherwise limit the
authority of the attorney-in-fact or other agent upon a
finding that such termination, suspension or limitation is
in the best interests of the principal or his estate.
C. The agent stands in a fiduciary relationship to the
principal by whom he was appointed and may be held liable
for a breach of any fiduciary duty to the principal.
D. If an agent is removed by the court because of abuse,
neglect or exploitation of the principal, all fees and costs
associated with the removal proceeding, including the
attorneys fees of the prevailing party, shall be borne by
the agent.