the virginia uniform power of attorney act defines a power of attorney as a written document designating an agent to act on behalf of a principal who signed it. a principal who is missing or has left the country and is unable to return would be treated as someone who is incapacitated according to the terms of the statute. the uniform power of attorney act allows an agent to be compensated for the services provided to the principal and to receive reimbursement for expenses. if the agent and principal of a power of attorney are married, a divorce or other proceeding to terminate the marriage also terminates the power of attorney. making them part of an estate plan ensures the principal of having a trusted individual ready to handle the payment of bills and other essential financial matters in the event of the physical or mental incapacity of the principal.

adam received his master’s in economics from the new school for social research and his ph.d. from the university of wisconsin-madison in sociology. a financial power of attorney (poa) is a legal document that grants a trusted agent the authority to act on behalf of the principal-agent in financial matters. this kind of poa is also referred to as a general power of attorney. the authority outlined in the poa can be fairly broad or, in some cases, restrictive, limiting the agent to very specific duties. this poa gives the agent the power to manage the financial life of the principal when that person is unable to do so. the individual granted poa is limited to the agreement and cannot do anything not specified under the power of attorney.

a georgia power of attorney can be used by any person to appoint someone else to manage health, business, or legal decisions on their behalf. durable (statutory) power of attorney – this form is used when the principal anticipates that his or her physical or mental health may deteriorate to the point that someone needs to be available to administer his or her affairs. general (financial) power of attorney – this form can be used up until a person becomes unable to make decisions for themselves.