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A Vermont power of attorney is a legal form that provides the authorization for an individual, known as the agent or attorney-in-fact, to make financial decisions, healthcare decisions, real estate decisions, or estate decisions on behalf of the person granting the authority. A Vermont POA is often used during the estate planning process. There are other instances where a POA is a useful tool.
Quick Reference:
The person granting permission is referred to as the principal, donor, or grantor.
The person receiving authorization is known as the agent or the attorney-in-fact.
A Vermont power of attorney is a legal document that must comply with Vermont law Title 14 Chapter 123. These laws specifically outline the parameters of a legally enforceable power of attorney. The laws ensure that the form, as well as its duties, are protected under the law. Here are some of the state’s power of attorney requirements:
The principal has the ability to explain the powers the agent can and cannot exercise on their behalf. The principal has the legal right to revoke (terminate) the POA, even if it is durable, as long as they are competent. Additionally, the power of attorney terminates when:
There are many reasons why someone would use a Vermont power of attorney to give someone else the ability to make decisions related to their tangible personal property, financial institution transactions, tax matters, or their well-being. Some of those reasons include:
The needs each person has for a power of attorney may vary. Although there are several different POAs available, you should get legal advice to choose the one that is best for your situation. This will also give you the opportunity to ask how to revoke a power of attorney in the event it becomes necessary. Here are the most common Vermont powers of attorney.
General Power of Attorney
A general power of attorney grants an agent specific power to manage the affairs on behalf of the principal.
Durable Power of Attorney
A durable power of attorney is an "extended version" of a general power of attorney because it goes beyond the parameters of a general power of attorney.
Limited Power of Attorney
A limited power of attorney grants limited power to whatever the grantor specifies.
Medical Power of Attorney
A medical power of attorney, also known as a power of attorney for healthcare, is used to appoint an agent to make healthcare decisions on behalf of the principal.
Minor Child Power of Attorney
A minor child power of attorney allows a parent or guardian to grant decision-making rights over their child to a temporary guardian in the event that the parent or guardian may not be present during a medical emergency.
Real Estate Power of Attorney
A real estate power of attorney grants power to the agent to buy, sell, and manage real estate on the principal's behalf.
Tax Power of Attorney
A tax power of attorney, officially known in Vermont as Form PA-1, which allows the agent who is usually a qualified individual such as an accountant, to prepare and submit tax information to the Department of Taxes on behalf of the principal.
Vehicle Power of Attorney
A vehicle power of attorney allows the agent to buy, sell, and handle the necessary paperwork with the Vermont Department of Motor Vehicles on the principal's behalf.
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