Virginia has updated the rules that govern how much an agent under a power of attorney must reveal about their actions. A new law, HB510, lets the person creating the document limit those disclosure duties. The change takes effect July 1, 2026, and it raises a practical question about the balance between privacy and oversight.
What HB510 Changes
Under current Virginia law, an agent acting under a power of attorney must keep records and, on request, disclose receipts, disbursements, and transactions. That duty runs to the principal and, in many cases, to relatives, beneficiaries, and other interested parties.
HB510 creates a process that allows a principal to relieve an agent of some of those disclosure duties. It applies to documents created on or after July 1, 2026. Powers of attorney signed before that date keep their existing rules unless they are redone. In short, the person granting authority gains more control over who can demand an accounting from their agent.
Who Can Currently Request an Accounting
Virginia’s version of the Uniform Power of Attorney Act is broader than the model law. It gives several people the right to ask an agent for records when they reasonably believe the principal has lost capacity:
- The principal, a guardian, or a conservator.
- A spouse, parent, or descendant of the principal.
- A sibling, niece, or nephew.
- A named beneficiary of the principal’s estate.
- Adult protective services, in certain situations.
After the principal dies, the personal representative or certain relatives may also request an accounting, with some requests subject to a one-year deadline.
Why a Principal Might Limit Disclosure
Some people want privacy. They may not want extended family reviewing every transaction the agent makes. Others trust their agent completely and prefer to keep financial matters quiet.
HB510 gives them a clearer way to do that. But the choice carries a trade-off worth understanding.
The Privacy and Oversight Trade-Off
Disclosure duties exist for a reason. They help families catch misuse of funds and hold a dishonest agent accountable. Relieving an agent of those duties removes a layer of protection.
That is fine when the agent is trustworthy and the principal has thought it through. It can be risky when the agent is later tempted to act in their own interest. One middle path is to limit disclosure to most parties while still allowing a single trusted person, such as a successor agent, to review the records. The right answer depends on your family, your assets, and the person you name.
What to Do Before You Sign
If you have a power of attorney or plan to create one, review how it handles disclosure. Decide who, if anyone, should be able to request an accounting. And make sure the document reflects that choice clearly. A power of attorney lawyer can explain how these rules apply in your state and draft language that matches your goals.
At Estate Planning Pros, we help clients choose the right agent and set disclosure terms that protect both privacy and accountability. Laws like HB510 are a good reminder to revisit older documents. If it has been years since you reviewed your power of attorney, consider sitting down with an attorney to confirm it still reflects your wishes.