A West Virginia general power of attorney designates a financial agent who will be given the authority to make decisions and act on behalf of the individual who executed the document (the “principal”). The agent can be allowed to manage the principal’s finances, property, and businesses, including, but not limited to, their bank accounts, investments, pensions, retirement accounts, taxes, trusts, insurance policies, real estate, and personal property. For this arrangement to be non-durable and terminate in the event of the principal’s incapacitation, they will need to state that the power of attorney is non-durable in the “Special Instructions” section of the document. Furthermore, the agent will be allowed to reasonably compensate themselves using the principal’s funds and property unless the special instructions state otherwise. To make the power of attorney valid, the principal’s signature must be acknowledged by a notary public.
Durable Power of Attorney – A power of attorney that isn’t terminated if the principal is incapacitated and unable to communicate their needs.