Things to know about a Power of Attorney in Arizona
There are two important things to know about a Power of Attorney in Arizona:
- A Power of Attorney can only act on your behalf while you are alive. In case of death, the right of decision making regarding any assets of yours is lost. Therefore, the estate planning attorney should never be mistaken for a Will.
- A Power of Attorney should be chosen on the basis of trust because choosing a wrong person may cost you your assets or even worse.
How to Assign a Power of Attorney?
In order to assign a power of attorney to an organization or individual, a document is required to be written that comprises of the authority that is granted and has the original signature of the person granting the authority. The set of rules that are to be followed when creating a POA is the same in most states. Still, the specific rules of your jurisdiction should be made clear in order to be aware of any additional requirements. In case an individual fails to fulfill all the requirements, the court may declare the POA to be void.
Step No. 1
Choose a person or organization to act on your behalf. Some of the factors to consider while assigning a POA include trustworthiness of agent, his knowledge about your personal issues or transactions that he might be required to handle for you and the location of his residency or office.
Step No. 2
Get knowledge about the type of powers that can be assigned and select the one you want to assign to your agent. The categories of POA comprise transfer of special powers, general powers and medical care powers. Most personal affairs of an individual can be regulated by grant of general power. The special power only includes authority over certain types of transactions or issues. Any health-related issues can be regulated by health care power. This authority of making decisions is only utilized when a person is mentally incompetent to make these decisions for himself.
Step No. 3
You can determine the specified period of time during which you want that the POA remains valid. This period may be short or long depending on your need. The duration, however, should be carefully chosen because you would need it to be sufficient enough to meet the basic purpose of the POA.
Step No. 4
Keep a written form of your POA safe with you. In case your POA is not in the standard form specific to your state, it should be ensured that there are no ambiguities in the document and the instructions regarding the assignment of power are clear. If your document has ambiguous terms, the chances of being proven valid by the court are minimized. This will eventually disturb the basic purpose of the POA you created.
Step No. 5
The document should contain your original signature and it should be signed in the presence of a lawyer. Also get your POA document signed by your lawyer who verified your identity and was present when you signed your document. Getting your document signed by additional witnesses like a family member or a friend is always a good idea and will turn out to be beneficial in the long run.
We would like to thank our friend, Terrell Monks, for his insight. Mr. Monks is an estate planning lawyer at Oklahoma Estate Attorneys. PLLC.
Call our experienced Arizona estate planning attorneys at (480)947-4339 to get your free Arizona estate planning consultation today.