Source: http://lis.virginia.gov/cgi-bin/legp604.exe?101+ful+CHAP0455
Timestamp: 2018-03-24 00:18:52
Document Index: 470636363

Matched Legal Cases: ['§ 6', '§ 11', '§ 6', '§ 6', '§ 11', '§ 26', '§ 26', '§ 26', '§ 26', '§ 26', '§ 26', '§ 55', '§ 26', '§ 26', '§ 26', '§ 1044', '§ 26', '§ 26', '§ 26', '§ 26', '§ 26', '§ 1171', '§ 1320', '§ 26', '§ 26', '§ 26', '§ 26', '§ 26', '§ 26', '§ 26', '§ 26', '§ 26', '§ 26', '§ 26', '§ 37', '§ 37', '§ 26', '§ 26', '§ 26', '§ 26', '§ 26', '§ 26', '§ 26', '§ 26', '§ 26', '§ 26', '§ 26', '§ 26', '§ 26', '§ 26', '§ 26', '§ 26', '§ 26', '§ 26', '§ 26', '§ 170', '§ 26', '§ 26', '§ 26', '§ 26', '§ 26', '§ 26', '§ 26', '§ 26', '§ 26', '§ 26', '§ 26', '§ 26', '§ 26', '§ 26', '§ 26', '§ 26', '§ 26', '§ 1171', '§ 1320', '§ 26', '§ 26', '§ 26', '§ 408', '§ 403', '§ 401', '§ 457', '§ 26', '§ 26', '§ 55', '§ 31', '§ 529', '§ 2503', '§ 2513', '§ 2513', '§ 26', '§ 26', '§ 26', '§ 26', '§ 7001', '§ 101', '§ 7001', '§ 103', '§ 7003', '§ 26', '§ 37', '§ 37', '§ 37', '§ 54', '§ 37', '§ 26', '§ 37', '§ 11', '§ 26', '§ 54', '§ 37', '§ 37', '§ 64', '§ 11', '§ 26', '§ 64', '§ 54', '§ 26', '§ 55', '§ 26', '§ 26', '§ 26', '§ 26', '§ 11']

CHAPTER 455 An Act to amend and reenact §§ 6.1-125.15:1, 37.2-1009, 37.2-1020, 37.2-1023, 55-34.7, 55-544.01, 55-544.02, and 55-546.02 of the Code of Virginia; to amend the Code of Virginia by adding in Title 26 a chapter numbered 7, consisting of sections numbered 26-71.01 through 26-74.03; and to repeal §§ 11-9.1 through 11-9.7 and 37.2-1018 of the Code of Virginia, relating to the Uniform Power of Attorney Act. [S 159] Approved April 11, 2010
1. That §§ 6.1-125.15:1, 37.2-1009, 37.2-1020, 37.2-1023, 55-34.7, 55-544.01, 55-544.02, and 55-546.02 of the Code of Virginia are amended and reenacted and that the Code of Virginia is amended by adding in Title 26 a chapter numbered 7, consisting of sections numbered 26-71.01 through 26-74.03, as follows:
§ 6.1-125.15:1. Certain duties of parties to joint bank accounts in financial institutions.
Parties to a joint account in a financial institution occupy the relation of principal and agent as to each other, with each standing as a principal in regard to his ownership interest in the joint account and as agent in regard to the ownership interest of the other party. The provisions of §§ 11-9.6 and 37.2-1018 the Uniform Power of Attorney Act (§ 26-71.01 et seq.) shall apply to such principal/agent relationships. For the purposes of this section, the definition of a joint account in a financial institution, and the ownership interest of the parties therein, are determined in accordance with the provisions of this chapter.
CHAPTER 7. UNIFORM POWER OF ATTORNEY ACT. Article 1. General Provisions.
§ 26-71.01. Short title.
This act may be cited as the Uniform Power of Attorney Act.
§ 26-71.02. Definitions.
For the purposes of this act, unless the context requires otherwise:
“Agent” means a person granted authority to act for a principal under a power of attorney, whether denominated an agent, attorney-in-fact, or otherwise. The term includes an original agent, coagent, successor agent, and a person to which an agent’s authority is delegated.
“Durable,” with respect to a power of attorney, means not terminated by the principal’s incapacity.
(2) Is missing or outside the United States and unable to return.
“Power of attorney” means a writing or other record that grants authority to an agent to act in the place of the principal, whether or not the term power of attorney is used.
“Presently exercisable general power of appointment,” with respect to property or a property interest subject to a power of appointment, means power exercisable at the time in question to vest absolute ownership in the principal individually, the principal’s estate, the principal’s creditors, or the creditors of the principal’s estate. The term includes a power of appointment not exercisable until the occurrence of a specified event, the satisfaction of an ascertainable standard, or the passage of a specified period only after the occurrence of the specified event, the satisfaction of the ascertainable standard, or the passage of the specified period. The term does not include a power exercisable in a fiduciary capacity or only by will.
“Principal” means an individual who grants authority to an agent in a power of attorney.
“Property” means anything that may be the subject of ownership, whether real or personal, or legal or equitable, or any interest or right therein.
“Sign” means, with present intent to authenticate or adopt a record: (i) to execute or adopt a tangible symbol; or (ii) to attach to or logically associate with the record an electronic sound, symbol, or process.
“Stocks and bonds” means stocks, bonds, mutual funds, and all other types of securities and financial instruments, whether held directly, indirectly, or in any other manner. The term does not include commodity futures contracts and call or put options on stocks or stock indexes.
§ 26-71.03. Applicability.
§ 26-71.04. Power of attorney is durable.
§ 26-71.05. Execution of power of attorney.
A power of attorney shall be signed by the principal or in the principal’s conscious presence by another individual directed by the principal to sign the principal’s name on the power of attorney. A signature on a power of attorney is presumed to be genuine if the principal acknowledges the signature before a notary public or other individual authorized by law to take acknowledgments. A power of attorney in order to be recordable shall satisfy the requirements of § 55-106.
§ 26-71.06. Validity of power of attorney.
A. A power of attorney executed in the Commonwealth on or after July 1, 2010, is valid if its execution complies with § 26-71.05.
C. A power of attorney executed other than in the Commonwealth is valid in the Commonwealth if, when the power of attorney was executed, the execution complied with: (i) the law of the jurisdiction that determines the meaning and effect of the power of attorney pursuant to § 26-71.07; (ii) the requirements for a military power of attorney pursuant to 10 U.S.C. § 1044b, as amended; or (iii) the laws of the Commonwealth.
D. Except as otherwise provided by statute other than this act, a photocopy or electronically transmitted copy of an original power of attorney has the same effect as the original.
E. An agent in possession of a general, special, or limited power of attorney or other writing vesting any power or authority in him shall, where the instrument is otherwise valid, be deemed to possess the powers and authority granted by such instrument notwithstanding any failure of the principal to deliver the instrument to him, and persons dealing with such agent shall have no obligation to inquire into the manner or circumstances by which such possession was acquired; provided, however, that nothing herein shall preclude the court from considering such manner or circumstances as relevant factors in any proceeding brought to terminate, suspend, or limit the authority of the agent.
§ 26-71.07. Meaning and effect of power of attorney.
§ 26-71.08. Nomination of conservator or guardian; relation of agent to court-appointed fiduciary.
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 power of attorney.
B. If, after a principal executes a power of attorney, a court appoints a conservator or guardian of the principal’s estate or other fiduciary charged with the management of some or all of the principal's property, the agent is accountable to the fiduciary as well as to the principal. The power of attorney is not terminated and the agent’s authority continues unless limited, suspended, or terminated by the court.
§ 26-71.09. When power of attorney effective.
C. If a power of attorney becomes effective upon the principal’s incapacity and the principal has not authorized a person to determine whether the principal is incapacitated, or the person authorized is unable or unwilling to make the determination, the power of attorney becomes effective upon a determination in a writing or other record by: (i) the principal's attending physician and a second physician or licensed clinical psychologist after personal examination of the principal that the principal is incapacitated within the meaning of subdivision (1) of the definition of incapacity in § 26-71.02 or (ii) an attorney at law, a judge, or an appropriate governmental official that the principal is incapacitated within the meaning of subdivision (1) of the definition of incapacity in § 26-71.02.
D. A person authorized by the principal in the power of attorney to determine that the principal is incapacitated may act as the principal’s personal representative pursuant to the Health Insurance Portability and Accountability Act, §§ 1171 through 1179 of the Social Security Act, 42 U.S.C. § 1320d, as amended, and applicable regulations, to obtain access to the principal’s health care information and communicate with the principal’s health care provider.
§ 26-71.10. Termination of power of attorney or agent's authority.
6. The principal revokes the agent’s authority or the agent dies, becomes incapacitated, or resigns, and the power of attorney does not provide for another agent to act under the power of attorney.
B. An agent’s authority terminates when:
3. An action is filed for the divorce or annulment of the agent’s marriage to the principal or their legal separation, unless the power of attorney otherwise provides; or
C. Unless the power of attorney otherwise provides, an agent’s authority is exercisable until the authority terminates under subsection B, notwithstanding a lapse of time since the execution of the power of attorney.
D. Termination of an agent’s authority or of a power of attorney is not effective as to the agent or another person that, without actual knowledge of the termination, acts in good faith under the power of attorney. An act so performed, unless otherwise invalid or unenforceable, binds the principal and the principal’s successors in interest.
E. Incapacity of the principal of a power of attorney that is not durable does not revoke or terminate the power of attorney as to an agent or other person that, without actual knowledge of the incapacity, acts in good faith under the power of attorney. An act so performed, unless otherwise invalid or unenforceable, binds the principal and the principal’s successors in interest.
§ 26-71.11. Coagents and successor agents.
B. A principal may designate one or more successor agents to act if an agent resigns, dies, becomes incapacitated, is not qualified to serve, or declines to serve. A principal may grant authority to designate one or more successor agents to an agent or other person designated by name, office, or function. Unless the power of attorney otherwise provides, a successor agent: (i) has the same authority as that granted to the original agent; and (ii) may not act until all predecessor agents have resigned, died, become incapacitated, are no longer qualified to serve, or have declined to serve.
D. An agent that has actual knowledge of a breach or imminent breach of fiduciary duty by another agent shall notify the principal and, if the principal is incapacitated, take any action reasonably appropriate in the circumstances to safeguard the principal’s best interest. An agent that fails to notify the principal or take action as required by this subsection is liable for the reasonably foreseeable damages that could have been avoided if the agent had notified the principal or taken such action.
§ 26-71.12. Reimbursement and compensation of agent.
§ 26-71.13. Agent's acceptance.
§ 26-71.14. Agent's duties.
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;
1. Act loyally for the principal’s benefit;
2. Act so as not to create a conflict of interest that impairs the agent’s ability to act impartially in the principal’s best interest;
5. Cooperate with a person that has authority to make health care decisions for the principal to carry out the principal’s reasonable expectations to the extent actually known by the agent and otherwise act in the principal’s best interest; and
6. Attempt to preserve the principal’s estate plan, to the extent actually known by the agent, if preserving the plan is consistent with the principal’s best interest based on all relevant factors, including:
a. The value and nature of the principal’s property;
b. The principal’s foreseeable obligations and need for maintenance;
C. An agent that acts in good faith is not liable to any beneficiary of the principal’s estate plan for failure to preserve the plan.
E. If an agent is selected by the principal because of special skills or expertise possessed by the agent or in reliance on the agent’s representation that the agent has special skills or expertise, the special skills or expertise shall be considered in determining whether the agent has acted with care, competence, and diligence under the circumstances.
F. Absent a breach of duty to the principal, an agent is not liable if the value of the principal’s property declines.
G. An agent that exercises authority to delegate to another person the authority granted by the principal or that engages another person on behalf of the principal is not liable for an act, error of judgment, or default of that person if the agent exercises care, competence, and diligence in selecting and monitoring the person; however, nothing herein is intended to abrogate any duty of the agent under the Uniform Prudent Investor Act (§ 26-45.3 et seq.).
H. Except as otherwise provided in the power of attorney, an agent shall disclose receipts, disbursements, or transactions conducted on behalf of the principal if requested by the principal, a guardian, a conservator, another fiduciary acting for the principal, or, upon the death of the principal, by the personal representative or successor in interest of the principal’s estate. If so requested, within 30 days the agent shall comply with the request or provide a writing or other record substantiating why additional time is needed and shall comply with the request within an additional 30 days.
I. Except as otherwise provided in the power of attorney, an agent shall, on reasonable request made by a person listed in subdivisions A 3 through A 9 of § 26-71.16 who has a good faith belief that the principal suffers an incapacity or, if deceased, suffered incapacity at the time the agent acted, disclose to such person the extent to which he has chosen to act and the actions taken on behalf of the principal within the five years prior to either (i) the date of the request or (ii) the date of the death of the principal, if the principal is deceased at the time such request is made, and shall permit reasonable inspection of records pertaining to such actions by such person. In all cases where the principal is deceased at the time such request is made, such request shall be made within one year after the date of the death of the principal. If so requested, within 30 days the agent shall comply with the request or provide a writing or other record substantiating why additional time is needed and shall comply with the request within an additional 30 days.
§ 26-71.15. Exoneration of agent.
§ 26-71.16. Judicial relief.
A. In addition to the remedies referenced in § 26-71.23, the following persons may petition a court to construe a power of attorney or review the agent’s conduct, and grant appropriate relief:
4. The principal’s spouse, parent, or descendant;
6. A person named as a beneficiary to receive any property, benefit, or contractual right on the principal’s death or as a beneficiary of a trust created by or for the principal that has a financial interest in the principal’s estate;
8. The principal’s caregiver or another person that demonstrates sufficient interest in the principal’s welfare; and
B. 1. Whether or not supplemental relief is sought in the proceeding, where an agent has violated duties of disclosure imposed by § 26-71.14, any person to whom such duties are owing may, for the purpose of obtaining information pertinent to the need or propriety of (i) instituting a proceeding under Chapter 10 (§ 37.2-1000 et seq.) of Title 37.2; (ii) terminating, suspending, or limiting the authority of the agent; or (iii) bringing a proceeding to hold the agent, or a transferee from such agent, liable for breach of duty or to recover particular assets or the value of such assets of a principal or deceased principal, petition a circuit court for discovery from the agent of information and records pertaining to actions taken pursuant to a power of attorney.
2. The petition may be filed in the circuit court of the county or city in which the agent resides or has his principal place of employment, or, if a nonresident, in any court in which a determination of incompetency or incapacity of the principal is proper under Chapter 10 (§ 37.2-1000 et seq.) of Title 37.2, or, if a conservator or guardian has been appointed for the principal, in the court that made the appointment. The court, after reasonable notice to the agent and to the principal, if no guardian or conservator has been appointed, or to the conservator or guardian, if one has been appointed, may conduct a hearing on the petition. The court, upon the hearing on the petition and upon consideration of the interest of the principal and his estate, may dismiss the petition or may enter such order or orders respecting discovery as it may deem appropriate, including an order that the agent respond to all discovery methods that the petitioner might employ in a civil action or suit subject to the Rules of the Supreme Court of Virginia. Upon the failure of the agent to make discovery, the court may make and enforce further orders respecting discovery that would be proper in a civil action subject to such Rules and may award expenses, including reasonable attorney fees, as therein provided. Furthermore, upon completion of discovery, the court, if satisfied that prior to filing the petition the petitioner had requested the information or records that are the subject of ordered discovery pursuant to § 26-71.14, may, upon finding that the failure to comply with the request for information was unreasonable, order the agent to pay the petitioner's expenses in obtaining discovery, including reasonable attorney fees.
C. The agent may, after reasonable notice to the principal, petition the circuit court for authority to make gifts of the principal's property to the extent not inconsistent with the express terms of the power of attorney or other writing. The court shall determine the amounts, recipients, and proportions of any gifts of the principal's property after considering all relevant factors including, without limitation, those contained in subsection C of § 26-72.17.
D. Upon motion by the principal, the court shall dismiss a petition filed under this section, unless the court finds that the principal lacks capacity to revoke the agent’s authority or the power of attorney.
§ 26-71.17. Agent's liability.
An agent that violates this act 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 principal’s successors in interest for the attorney fees and costs paid on the agent’s behalf.
§ 26-71.18. Agent's resignation; notice.
2. If there is no person described in subdivision 1, to an adult who is a spouse, child or other descendant, parent, brother or sister of the principal;
3. If none of the foregoing persons is reasonably available, another person reasonably believed by the agent to have sufficient interest in the principal’s welfare; or
§ 26-71.19. Acceptance of and reliance upon acknowledged power of attorney.
A. For purposes of this section and § 26-71.20, “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 § 26-71.05 without actual knowledge that the power of attorney is void, invalid, or terminated, that the purported agent’s authority is void, invalid, or terminated, or that the agent is exceeding or improperly exercising the agent’s authority may rely upon the power of attorney as if the power of attorney were genuine, valid, and still in effect, the agent’s authority were genuine, valid, and still in effect, and the agent had not exceeded and had properly exercised the authority. The preceding sentence shall not apply to an acknowledged power of attorney that contains a forged signature of the principal.
1. An agent’s certification under oath of any factual matter concerning the principal, agent, or power of attorney;
D. An English translation or an opinion of counsel for the principal or the agent requested under this section shall be provided at the principal’s expense.
F. For purposes of this section and § 26-71.20, a person that conducts activities through employees and exercises commercially reasonable procedures to communicate information concerning powers of attorney among its employees is without actual knowledge of a fact relating to a power of attorney, a principal, or an agent if the employee conducting the transaction involving the power of attorney has followed such procedures and is nonetheless without actual knowledge of the fact.
§ 26-71.20. Liability for refusal to accept acknowledged power of attorney.
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 § 26-71.19 no later than seven business days after presentation of the power of attorney for acceptance;
2. If a person requests a certification, a translation, or an opinion of counsel under subsection C of § 26-71.19, the person shall accept the power of attorney no later than five business days after receipt of the certification, translation, or opinion of counsel; and
3. The person has actual knowledge of the termination of the agent’s authority or of the power of attorney before exercise of the power;
4. A request for a certification, a translation, or an opinion of counsel under subsection C of § 26-71.19 is refused;
5. The person in good faith believes that the power is not valid or that the agent does not have the authority to perform the act requested, whether or not a certification, a translation, or an opinion of counsel under subsection C of § 26-71.19 has been requested or provided; or
D. For purposes of this section, "business day" shall refer to any day other than Saturday, Sunday or any day designated as a holiday by the Commonwealth of Virginia or the federal government.
§ 26-71.21. Principles of law and equity.
§ 26-71.22. Laws applicable to financial institutions and entities.
§ 26-71.23. Remedies under other law.
The remedies under this act are not exclusive and do not abrogate any right or remedy, including a court-supervised accounting, under the laws of the Commonwealth other than this act.
§ 26-72.01. Authority that requires specific grant; grant of general authority.
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 prohibited or limited by another statute, agreement, or instrument to which the authority or property is subject:
7. Exercise fiduciary powers that the principal has authority to delegate.
B. Notwithstanding a grant of authority to do an act described in subsection A or H, unless the power of attorney otherwise provides, an agent that is not an ancestor, spouse, or descendant of the principal may not exercise authority under a power of attorney to create in the agent, or in an individual to whom the agent owes a legal obligation of support, an interest in the principal’s property, whether by gift, right of survivorship, beneficiary designation, disclaimer, or otherwise.
C. Subject to subsections A, B, D, and E, if a power of attorney grants to an agent authority to do all acts that a principal could do, the agent has the general authority described in §§ 26-72.04 through 26-72.16.
D. Unless the power of attorney otherwise provides and subject to subsection H, a grant of authority to make a gift is subject to § 26-72.17.
G. An act performed by an agent pursuant to a power of attorney has the same effect and inures to the benefit of and binds the principal and the principal’s successors in interest as if the principal had performed the act.
H. Notwithstanding the provisions of subsection A, if a power of attorney grants to an agent authority to do all acts that a principal could do, the agent shall have the authority to make gifts in any amount of any of the principal's property to any individuals or to organizations described in §§ 170 (c) and 2522 (a) of the Internal Revenue Code or corresponding future provisions of federal tax law, or both, in accordance with the principal's personal history of making or joining in the making of lifetime gifts. This subsection shall not in any way impair the right or power of any principal, by express words in the power of attorney, to authorize, or limit the authority of, an agent to make gifts of the principal's property.
§ 26-72.02. Incorporation of authority.
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 §§ 26-72.04 through 26-72.17, or cites the section in which the authority is described.
B. A reference in a power of attorney to general authority with respect to the descriptive term for a subject in §§ 26-72.04 through 26-72.17 or a citation to a section of §§ 26-72.04 through 26-72.17 incorporates the entire section as if it were set out in full in the power of attorney.
§ 26-72.03. Construction of authority generally.
Except as otherwise provided in the power of attorney, by executing a power of attorney that incorporates by reference a subject described in §§ 26-72.04 through 26-72.17 or that grants to an agent authority to do all acts that a principal could do pursuant to subsection C of § 26-72.01, a principal authorizes the agent, with respect to that subject, to:
3. Execute, acknowledge, seal, deliver, file, or record any instrument or communication the agent considers desirable to accomplish a purpose of a transaction, including creating at any time a schedule listing some or all of the principal’s property and attaching it to the power of attorney;
5. Seek on the principal’s behalf the assistance of a court or other governmental agency to carry out an act authorized in the power of attorney;
7. Prepare, execute, and file a record, report, or other document to safeguard or promote the principal’s interest under a statute or regulation;
§ 26-72.04. Real property.
§ 26-72.05. Tangible personal property.
§ 26-72.06. Stocks and bonds.
§ 26-72.07. Commodities and options.
§ 26-72.08. Banks and other financial institutions.
8. Make, assign, draw, endorse, discount, guarantee, and negotiate promissory notes, checks, drafts, and other negotiable or nonnegotiable paper of the principal or payable to the principal or the principal’s order, transfer money, receive the cash or other proceeds of those transactions, and accept a draft drawn by a person upon the principal and pay it when due;
10. Apply for, receive, and use letters of credit, credit and debit cards, electronic transaction authorizations, and traveler’s checks from a financial institution and give an indemnity or other agreement in connection with letters of credit; and
§ 26-72.09. Operation of entity or business.
4. Initiate, participate in, submit to alternative dispute resolution, settle, oppose, or propose or accept a compromise with respect to litigation to which the principal is a party because of an ownership interest;
6. Initiate, participate in, submit to alternative dispute resolution, settle, oppose, or propose or accept a compromise with respect to litigation to which the principal is a party concerning stocks and bonds;
d. Demand and receive money due or claimed by the principal or on the principal’s behalf in the operation of the entity or business and control and disburse the money in the operation of the entity or business;
§ 26-72.10. Insurance and annuities.
2. Procure new, different, and additional contracts of insurance and annuities for the principal and the principal’s spouse, children, and other dependents, and select the amount, type of insurance or annuity, and mode of payment;
13. Pay, from proceeds or otherwise, compromise or contest, and apply for refunds in connection with, a tax or assessment levied by a taxing authority with respect to a contract of insurance or annuity or its proceeds or liability accruing by reason of the tax or assessment.
§ 26-72.11. Estates, trusts, and other beneficial interests.
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.
2. Demand or obtain money or another thing of value to which the principal is, may become, or claims to be, entitled by reason of an estate, trust, or other beneficial interest, by litigation or otherwise;
4. Initiate, participate in, submit to alternative dispute resolution, settle, oppose, or propose or accept a compromise with respect to litigation to ascertain the meaning, validity, or effect of a deed, will, declaration of trust, or other instrument or transaction affecting the interest of the principal;
5. Initiate, participate in, submit to alternative dispute resolution, settle, oppose, or propose or accept a compromise with respect to litigation to remove, substitute, or surcharge a fiduciary;
§ 26-72.12. Claims and litigation.
4. Make or accept a tender, offer of judgment, or admission of facts, submit a controversy on an agreed statement of facts, consent to examination, and bind the principal in litigation;
6. Waive the issuance and service of process upon the principal, accept service of process, appear for the principal, designate persons upon which process directed to the principal may be served, execute and file or deliver stipulations on the principal’s behalf, verify pleadings, seek appellate review, procure and give surety and indemnity bonds, contract and pay for the preparation and printing of records and briefs, receive, execute, and file or deliver a consent, waiver, release, confession of judgment, satisfaction of judgment, notice, agreement, or other instrument in connection with the prosecution, settlement, or defense of a claim or litigation;
§ 26-72.13. Personal and family maintenance.
1. Perform the acts necessary to maintain the customary standard of living of the principal, the principal’s spouse, and the following individuals, whether living when the power of attorney is executed or later born:
a. [Reserved.]
b. The individuals legally entitled to be supported by the principal; and
c. The individuals whom the principal has customarily supported or indicated the intent to support;
3. Provide living quarters for the individuals described in subdivision A 1 by:
4. Provide normal domestic help, usual vacations and travel expenses, and funds for shelter, clothing, food, appropriate education, including postsecondary and vocational education, and other current living costs for the individuals described in subdivision A 1;
5. Pay expenses for necessary health care and custodial care on behalf of the individuals described in subdivision A 1;
6. Act as the principal’s personal representative pursuant to the Health Insurance Portability and Accountability Act, §§ 1171 through 1179 of the Social Security Act, 42 U.S.C. § 1320d, as amended, and applicable regulations, in making decisions related to the past, present, or future payment for the provision of health care consented to by the principal or anyone authorized under the law of the Commonwealth to consent to health care on behalf of the principal;
7. Continue any provision made by the principal for automobiles or other means of transportation, including registering, licensing, insuring, and replacing them, for the individuals described in subdivision A 1;
8. Maintain credit and debit accounts for the convenience of the individuals described in subdivision A 1 and open new accounts; and
B. Authority with respect to personal and family maintenance is neither dependent upon, nor limited by, authority that an agent may or may not have with respect to gifts under this act.
§ 26-72.14. Benefits from governmental programs or civil or military service.
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.
1. Execute vouchers in the name of the principal for allowances and reimbursements payable by the United States or a foreign government or by a state or subdivision of a state to the principal, including allowances and reimbursements for transportation of the individuals described in subdivision A 1 of § 26-72.13, and for shipment of their household effects;
3. Enroll in, apply for, select, reject, change, amend, or discontinue, on the principal’s behalf, a benefit or program;
5. Initiate, participate in, submit to alternative dispute resolution, settle, oppose, or propose or accept a compromise with respect to litigation concerning any benefit or assistance the principal may be entitled to receive under a statute or regulation; and
§ 26-72.15. Retirement plans.
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 following sections of the Internal Revenue Code:
3. A deemed individual retirement account under Internal Revenue Code 26 U.S.C. § 408(q), as amended;
4. An annuity or mutual fund custodial account under Internal Revenue Code 26 U.S.C. § 403(b), as amended;
5. A pension, profit-sharing, stock bonus, or other retirement plan qualified under Internal Revenue Code 26 U.S.C. § 401(a), as amended;
6. A plan under Internal Revenue Code 26 U.S.C. § 457(b), as amended; and
3. Establish a retirement plan in the principal’s name;
§ 26-72.16. Taxes.
4. Act for the principal in all tax matters for all periods before the Internal Revenue Service, or other taxing authority.
§ 26-72.17. Gifts.
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 (§ 55-34.1 et seq.), an account under the Uniform Transfers to Minors Act (§ 31-37 et seq.), and a tuition savings account or prepaid tuition plan as defined under Internal Revenue Code 26 U.S.C. § 529, as amended.
1. Make outright to, or for the benefit of, a person, a gift of any of the principal’s property, including by the exercise of a presently exercisable general power of appointment held by the principal, in an amount per donee not to exceed the annual dollar limits of the federal gift tax exclusion under Internal Revenue Code 26 U.S.C. § 2503(b), as amended, without regard to whether the federal gift tax exclusion applies to the gift, or if the principal’s spouse agrees to consent to a split gift pursuant to Internal Revenue Code 26 U.S.C. § 2513, as amended, in an amount per donee not to exceed twice the annual federal gift tax exclusion limit; and
2. Consent, pursuant to Internal Revenue Code 26 U.S.C. § 2513, as amended, to the splitting of a gift made by the principal’s spouse in an amount per donee not to exceed the aggregate annual gift tax exclusions for both spouses.
C. An agent may make a gift of the principal’s property only as the agent determines is consistent with the principal’s objectives if actually known by the agent and, if unknown, as the agent determines is consistent with the principal’s best interest based on all relevant factors, including:
1. The value and nature of the principal’s property;
2. The principal’s foreseeable obligations and need for maintenance;
5. The principal’s personal history of making or joining in making gifts.
§ 26-73.01. [Reserved.]
§ 26-73.02. Agent's certification.
AGENT’S CERTIFICATION AS TO THE VALIDITY OF POWER OF ATTORNEY
AND AGENT’S AUTHORITY
State of ...........................
County/City of .....................
I, .............................. (Name of Agent), certify under
penalty of perjury that .........................(Name of Principal)
granted me authority as an agent or successor agent in a power of
attorney dated ...................
I further certify that to my knowledge:
(1) The Principal is alive and has not revoked the power of attorney
or my authority to act under the power of attorney and the power of
attorney and my authority to act under the power of attorney have not
(2) If the power of attorney was drafted to become effective upon the
happening of an event or contingency, the event or contingency has
(3) If I was named as a successor agent, the prior agent is no longer
able or willing to serve; and
(4)  .......................................................
(Insert other relevant statements)
SIGNATURE AND ACKNOWLEDGMENT
....................................        .................
Agent’s Signature                                  Date
Agent’s Name Printed
Agent’s Telephone Number
This document was acknowledged before me on .......................,
(Name of Agent)
...................................               (Seal, if any)
Signature of Notary
My commission expires: ............................
Notary Registration Number: .....................
This document prepared by:
§ 26-74.01. Uniformity of application and construction.
§ 26-74.02. Relation to Electronic Signatures in Global and National Commerce Act.
This act 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 notices described in § 103(b) of that act, 15 U.S.C. § 7003(b).
§ 26-74.03. Effect on existing powers of attorney.
Except as otherwise provided in this act, on July 1, 2010:
1. This act applies to a power of attorney created before, on, or after July 1, 2010;
2. This act applies to a judicial proceeding concerning a power of attorney commenced on or after July 1, 2010;
3. This act applies to a judicial proceeding concerning a power of attorney commenced before July 1, 2010, unless the court finds that application of a provision of this act would substantially interfere with the effective conduct of the judicial proceeding or prejudice the rights of a party, in which case that provision does not apply and the superseded law applies; and
4. Notwithstanding any other provision of this act, an act done before July 1, 2010, is not affected by this act.
§ 37.2-1009. Court order of appointment; limited guardianships and conservatorships.
The court's order appointing a guardian or conservator shall: (i) state the nature and extent of the person's incapacity; (ii) define the powers and duties of the guardian or conservator so as to permit the incapacitated person to care for himself and manage property to the extent he is capable; (iii) specify whether the appointment of a guardian or conservator is limited to a specified length of time, as the court in its discretion may determine; (iv) specify the legal disabilities, if any, of the person in connection with the finding of incapacity, including but not limited to mental competency for purposes of Article II, Section 1 of the Constitution of Virginia or Title 24.2; (v) include any limitations deemed appropriate following consideration of the factors specified in § 37.2-1007; and (vi) set the bond of the guardian and the bond and surety, if any, of the conservator.
The court may appoint a limited guardian for an incapacitated person who is capable of addressing some of the essential requirements for his care for the limited purpose of medical decision making, decisions about place of residency, or other specific decisions regarding his personal affairs.
Unless the guardian has a professional relationship with the incapacitated person or is employed by or affiliated with a facility where the person resides, the court's order may authorize the guardian to consent to the admission of the person to a facility pursuant to § 37.2-805.1, upon finding by clear and convincing evidence that (i) the person has severe and persistent mental illness that significantly impairs the person's capacity to exercise judgment or self-control, as confirmed by the evaluation of a licensed psychiatrist; (ii) such condition is unlikely to improve in the foreseeable future; and (iii) the guardian has formulated a plan for providing ongoing treatment of the person's illness in the least restrictive setting suitable for the person's condition.
A guardian need not be appointed for a person who has appointed an agent under an advance directive executed in accordance with the provisions of Article 8 (§ 54.1-2981 et seq.) of Chapter 29 of Title 54.1, unless the court determines that the agent is not acting in accordance with the wishes of the principal or there is a need for decision making outside the purview of the advance directive.
The court may appoint a limited conservator for an incapacitated person who is capable of managing some of his property and financial affairs for limited purposes specified in the order.
A conservator need not be appointed for a person (i) who has appointed an agent under a durable power of attorney, unless the court determines pursuant to § 37.2-1018 § 26-71.01 that the agent is not acting in the best interests of the principal or there is a need for decision making outside the purview of the durable power of attorney or (ii) whose only or major source of income is from the Social Security Administration or other government program and who has a representative payee.
§ 37.2-1020. Duties and powers of guardian.
A. A guardian stands in a fiduciary relationship to the incapacitated person for whom he was appointed guardian and may be held personally liable for a breach of any fiduciary duty to the incapacitated person. A guardian shall not be liable for the acts of the incapacitated person, unless the guardian is personally negligent. A guardian shall not be required to expend personal funds on behalf of the incapacitated person.
B. A guardian's duties and authority shall not extend to decisions addressed in a valid advance directive or durable power of attorney previously executed by the incapacitated person. A guardian may seek court authorization to revoke, suspend, or otherwise modify a durable power of attorney, as provided by § 11-9.1 the Uniform Power of Attorney Act (§ 26-71.01 et seq.). Notwithstanding the provisions of the Health Care Decisions Act (§ 54.1- 2981 et seq.) and in accordance with the procedures of § 37.2-1012, a guardian may seek court authorization to modify the designation of an agent under an advance directive, but the modification shall not in any way affect the incapacitated person's directives concerning the provision or refusal of specific medical treatments or procedures.
E. A guardian shall, to the extent feasible, encourage the incapacitated person to participate in decisions, to act on his own behalf, and to develop or regain the capacity to manage personal affairs. A guardian, in making decisions, shall consider the expressed desires and personal values of the incapacitated person to the extent known and shall otherwise act in the incapacitated person's best interest and exercise reasonable care, diligence, and prudence.
§ 37.2-1023. Management powers and duties of conservator.
A. A conservator, in managing the estate, shall have the following powers and the powers set forth in § 64.1-57 as of the date the conservator acts, which may be exercised without prior court authorization except as otherwise specifically provided in the court's order of appointment:
6. To initiate a proceeding (i) to revoke a power of attorney under the provisions of § 11-9.1 the Uniform Power of Attorney Act (§ 26-71.01 et seq.) or (ii) to make an augmented estate election under § 64.1-13; and
B. The court may impose requirements to be satisfied by the conservator prior to the conveyance of any interest in real estate, including (i) increasing the amount of the conservator's bond, (ii) securing an appraisal of the real estate or interest, (iii) giving notice to interested parties as the court deems proper, (iv) consulting by the conservator with the commissioner of accounts and, if one has been appointed, with the guardian, and (v) requiring the use of a common source information company, as defined in § 54.1-2130, when listing the property. If the court imposes any such requirements, the conservator shall make a report of his compliance with each requirement, to be filed with the commissioner of accounts. Promptly following receipt of the conservator's report, the commissioner shall file a report with the court indicating whether the requirements imposed have been met and whether the sale is otherwise consistent with the conservator's duties. The conveyance shall not be closed until a report by the commissioner of accounts is filed with the court and confirmed as provided in §§ 26-33, 26-34 and 26-35.
§ 55-34.7. General duties of custodial trustee.
If appropriate, a custodial trustee shall register or record the instrument vesting title to custodial trust property. If the beneficiary is not incapacitated, a custodial trustee shall follow the directions of the beneficiary in the management, control, investment, or retention of the custodial trust property. In the absence of effective contrary direction by the beneficiary while not incapacitated, the custodial trustee shall observe the standard of care set forth in the Uniform Prudent Investor Act (§ 26-45.3 et seq.), except to the extent provided by § 26-40.01. However, a custodial trustee, in the custodial trustee's discretion, may retain any custodial trust property received from the transferor. Subject to this paragraph, a custodial trustee shall take control of and collect, hold, manage, invest, and reinvest custodial trust property.
A custodial trustee at all times shall keep custodial trust property of which the custodial trustee has control, separate from all other property in a manner sufficient to identify it clearly as custodial trust property of the beneficiary. Custodial trust property, the title to which is subject to recordation, is so identified if an appropriate instrument so identifying the property is recorded, and custodial trust property subject to registration is so identified if it is registered, or held in an account in the name of the custodial trustee, designated in substance: "as custodial trustee for . . . . . . . . . . . . . . . . . (name of beneficiary) under the Virginia Uniform Custodial Trust Act."
A custodial trustee shall keep records of all transactions with respect to custodial trust property, including information necessary for the preparation of tax returns, and shall make the records and information available at reasonable times to the beneficiary or legal representative of the beneficiary.
The exercise of a durable power of attorney for an incapacitated beneficiary is not effective to terminate or direct the administration or distribution of a custodial trust. An agent under a power of attorney for an incapacitated beneficiary may not terminate or direct the administration of a custodial trust.
1. Transfer of property to another person as trustee during the settlor's lifetime by the settlor or by the settlor's agent, acting in accordance with § 26-71.14, under a power of attorney, which expressly authorizes the agent to create a trust on settlor's behalf; or by will or other disposition taking effect upon the settlor's death;
1. The settlor has capacity to create a trust; or when the trust is created by the settlor's agent under a power of attorney, which expressly authorizes the agent to create a trust on the settlor's behalf;
2. The settlor or his agent indicates an intention to create the trust;
2. If the terms of the trust do not provide a method, by any method manifesting clear and convincing evidence of the settlor's intent.
E. A settlor's powers with respect to revocation, amendment, or distribution of trust property may be exercised by an agent, acting in accordance with § 26-71.14, under a power of attorney only that expressly authorizes such action except to the extent (i) expressly authorized prohibited by the terms of the trust or (ii) authorized by the court for good cause shown.
F. A conservator of the settlor or, if no conservator has been appointed, a guardian of the settlor may exercise a settlor's powers with respect to revocation, amendment, or distribution of trust property only (i) to the extent expressly authorized by the terms of the trust or (ii) authorized by the court supervising the conservatorship or guardianship for good cause shown.
2. That §§ 11-9.1 through 11-9.7 and 37.2-1018 of the Code of Virginia are repealed.