Power of Attorney
Sometimes, an individual might wish to authorize someone else as a protective measure in case of incapacity, or to act on his behalf, occasionally from convenience, for estate planning purposes. No matter the reason why, Arizona makes it possible for residents to allow such ability using an instrument called a power of attorney. Using a POA, you can provide the capacity to make monetary choices for you personally to a third party.
In all states, as in Arizona, powers of attorney could be either permanent or nondurable. A permanent POA can not make choices for himself or doesn't terminate when the principal becomes incapacitated. It'll be treated under Arizona law as nondurable unless your POA includes language designating it as long-lasting. Generally, POAs terminate upon the departure of the principal; they aren't replacements for wills.
It is crucial to decide on an agent who's trustworthy, like a pal or a trusted member of the family. The reason being your representative must act in your absolute best interests rather than participate in trades which might be self serving. Arizona law enables you to be as comprehensive or as specific as you enjoy when selecting what powers to allow your representative. As an example, you would possibly restrict your representative's powers to paying invoices from a certain bank account or signing Social Security checks. Alternatively, you will give your agent broad powers including the ability to take part in all monetary transactions and any you could enter into yourself. You can even specify the POA will go into effect instantly, on a specific date, or upon the happening of a specific occasion.
You need to follow certain formalities to set up a power of attorney in Arizona. First you should be at least 18 years old and of sound mind, which means that you has to be mentally capable and comprehend that which you are doing. Your POA should be in writing. Finally, the POA must be signed by you in the existence of one witness and a notary public. The witness cannot additionally be the representative's partner or the notary or kid. It is possible to record the file in the county recorder's office for public record, in spite of the fact that it isn't necessary, except for POAs that affect real estate transactions.
When possible, you ought to recover the POA that is first and ruin it. You need to offer a duplicate of the revocation to companies or any celebrations that had the POA that is initial. You have to also record the revocation there in the event that you recorded the POA in the county recorder's office.