An Act to amend and reenact § 64.2-1612 of the Code of Virginia, relating to Uniform Power of Attorney Act; agent's duty of disclosure.
HB510 amends Virginia’s Uniform Power of Attorney Act to expand and clarify the duties of an agent acting under a power of attorney. The bill keeps the existing core fiduciary duties—acting in good faith, within the scope of authority, loyally for the principal’s benefit, and with ordinary care, competence, and diligence—but adds more detailed disclosure obligations and reinforces expectations around recordkeeping and cooperation with health-care decisionmakers.
The bill also directs an agent to preserve the principal’s estate plan when consistent with the principal’s best interest, taking into account property value, foreseeable obligations, tax minimization, and eligibility for public benefits. It further specifies when an agent must disclose receipts, disbursements, transactions, and other actions taken on the principal’s behalf, including deadlines for responding to requests and the right of certain family members, fiduciaries, and representatives to inspect records under specified circumstances.
HB510 amends § 64.2-1612 of the Code of Virginia, which governs an agent’s duties under a power of attorney. The practical effect is to strengthen transparency and accountability for agents, especially by requiring disclosure of financial activity and actions taken for the principal when requested by the principal, fiduciaries, or certain interested persons after incapacity or death. It also clarifies liability protections for agents acting in good faith and with due care, while preserving existing duties under the Uniform Prudent Investor Act.
The available record shows no committee transcript or recorded vote debate, so there is no direct evidence of opposition or support expressed in the materials provided. The bill was enacted and approved as Chapter 398, which suggests it moved successfully through the legislative process without documented controversy in the supplied context. Overall, the measure appears to have been treated as a technical but meaningful update to fiduciary and disclosure rules for powers of attorney.
The main policy tension in the bill is between protecting principals and preserving agent discretion. Supporters would likely favor the added transparency, record access, and clearer duties to prevent misuse of authority, while potential concerns could come from those worried that broader disclosure obligations may burden agents or invite disputes from family members and other interested parties. Another possible point of contention is the requirement to consider estate-plan preservation and benefit eligibility, which could create judgment calls for agents balancing tax planning, public benefits, and the principal’s immediate best interests.