Do you need someone to handle your real estate, legal and financial transactions, if and when, you can no longer take action or make decisions yourself? If yes, your best bet is drafting a durable power of attorney Arizona. Unlike a will that dictates how your properties are to be shared and handled after you are gone, a durable poa protects your interests when you are still alive but incapacitated.
This article reveals a lot more about the peculiarities of drafting an Arizona durable power of attorney form.
What Is An Arizona Durable Power of Attorney?
The state laws grant residents of Arizona the legal rights to nominate an individual - usually their spouse or relative – to represent their interests and act in their name on several financial and business transactions beyond when they no longer harbour a good sense of judgement.
The one who activates this right to nominate another is described as the grantor or principal while the nominated fellow is known as the proxy, agent or attorney-in-fact. If the agent is granted powers over mostly financial transactions including tax-related issues and collection of benefits, it is described as a financial durable general power of attorney Arizona.
In Arizona, all financial durable poa forms are to be drafted in accordance with what is stipulated in § 14-5501 (Durable power of attorney; creation; validity).
How Does The Arizona Durable Power of Attorney Work?
A durable power of attorney Arizona also known as an enduring power of attorney empowers an agent to manage the bank accounts of the principal, cancel insurance policies, as well as handle many more sensitive transactions on behalf of the principal. For a poa form to be considered durable in Arizona, it must contain any of the two phrases:
- “This power of attorney is not affected by subsequent disability or incapacity of the principal or lapse of time.”
- “This power of attorney is effective on the disability or incapacity of the principal.”
A principal is allowed to revoke the powers of his/her agent as long as the principal’s physician (certified) can show a written proof that the principal is still of sound mind and hence, can make such decisions.
A financial power of attorney Arizona becomes invalid through the following means
- Revocation of power of attorney: The revocation document must be signed and notarized by the principal. The principal must also notify the agent and all financial institutions this agent might have had contact with on behalf of his intent that the agent’s powers have been revoked.
- Resignation or death of the agent
- Revocation by a court order
- Death of the principal
Who Needs an Arizona Durable Power of Attorney?
The following individuals need an Arizona durable power of attorney
- Individuals with financial assets to protect
- Seniors with retirement benefits to collect
- An individual who works in a high-risk environment
How should an agent sign?
It is recommended that an agent signs in a representative capacity. Should the agents sign in their own name, they will be held accountable for anything they sign. The agents should therefore make it clear from their signature that they are not signing for themselves but, the principal.
Can I work with online durable poa forms?
Yes, you can. A durable poa form online is regarded as valid under the laws of the state as long as it contains provisions from § 14-5501 (Durable power of attorney; creation; validity) and is executed under the provisions of the law. By provisions of the law, it means that:
- Both the principal and the agent are at least 18 years of age
- The document signing is witnessed by one or more persons asides the agent, agent’s spouse or agent’s children. A notary public is also a suitable alternative.
A financial durable general power of attorney form is suitable for you if you have some financial assets to protect. Should you become incapacitated, your agent comes in on your behalf to manage your financial transactions as you would have wanted. You can download one of the several free power of attorney forms to print available on CocoSign platform to begin executing the process.
CocoSign represents a wide collection of legal templates covering all types of leases, contracts and agreements for personal and commercial use. All legal templates available on CocoSign shall not be considered as attorney-client advice. Meanwhile, CocoSign shall not be responsible for the examination or evaluation of reviews, recommendations, services, etc. posted by parties other than CocoSign itself on its platform.