                                 CODE OF VIRGINIA

AGENT&#8217;S DUTIES (§ 64.2-1612)

A. Notwithstanding provisions in the power of attorney, an agent that has
accepted appointment shall:

   1. Act in accordance with the principal&#8217;s reasonable expectations to the
   extent actually known by the agent and, otherwise, in the principal&#8217;s
   best interest;

   2. Act in good faith; and

   3. Act only within the scope of authority granted in the power of attorney.

B. Except as otherwise provided in the power of attorney, an agent that has
accepted appointment shall:

   1. Act loyally for the principal&#8217;s benefit;

   2. Act so as not to create a conflict of interest that impairs the
   agent&#8217;s ability to act impartially in the principal&#8217;s best
   interest;

   3. Act with the care, competence, and diligence ordinarily exercised by agents
   in similar circumstances;

   4. Keep a record of all receipts, disbursements, and transactions made on
   behalf of the principal;

   5. Cooperate with a person that has authority to make health care decisions
   for the principal to carry out the principal&#8217;s reasonable expectations
   to the extent actually known by the agent and otherwise act in the
   principal&#8217;s best interest; and

   6. Attempt to preserve the principal&#8217;s estate plan, to the extent
   actually known by the agent, if preserving the plan is consistent with the
   principal&#8217;s best interest based on all relevant factors, including:
   				a. The value and nature of the principal&#8217;s property;
   				b. The principal&#8217;s foreseeable obligations and need for maintenance;
   				c. Minimization of taxes, including income, estate, inheritance,
   generation-skipping transfer, and gift taxes; and
   				d. Eligibility for a benefit, a program, or assistance under a statute or
   regulation.

C. An agent that acts in good faith is not liable to any beneficiary of the
principal&#8217;s estate plan for failure to preserve the plan.

D. An agent that acts with care, competence, and diligence for the best interest
of the principal is not liable solely because the agent also benefits from the
act or has an individual or conflicting interest in relation to the property or
affairs of the principal.

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&#8217;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&#8217;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 (&#xA7; 64.2-780 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&#8217;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
&#xA7; 64.2-1614 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.

HISTORY: 2010, cc. 455, 632, § 26-85; 2012, c. 614.