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Subcommittee agrees in concept to require explicit disclosure and signature on power‑of‑attorney nondisclosure waivers
Summary
House Bill 510 would require a principal to expressly sign or initial any provision waiving fiduciary disclosure obligations in a durable power of attorney; counsel agreed to narrow language so a disclosure signature can be acknowledged before a notary; the subcommittee reported the bill in concept (9–1).
Delegate McCall introduced HB 510 as a narrowly drawn change to Code § 64.2‑1612 to address "blanket nondisclosure" provisions in powers of attorney that can enable concealment of financial mismanagement. McCall said the bill would "require any principal, to affirmatively sign or initial an express statement in the power of attorney that they intend to relieve their agent from the fiduciary duty" to disclose financial transactions to family members and successors.
Members asked whether the waiver must be notarized. Counsel advised there is precedent to treat a signature on a power‑of‑attorney disclosure as presumed genuine if the principal acknowledges the signature before a notary or another officer authorized to take acknowledgments, and the committee discussed tailoring language so only the disclosure provision—not the entire instrument—would need separate acknowledgment if added later. That conceptual amendment was moved and agreed to.
The subcommittee agreed to report the bill as amended in concept by a 9–1 vote; sponsors indicated they will work with counsel on drafting precise execution language before the bill reaches full committee.
