DURABLE POWER OF ATTORNEY.
The Durable Power of Attorney is where you designate an agent to make financial decisions on your behalf.
The DPOA is a document wherein the principal authorizes an agent, also known as an attorney-in-fact, to have immediate power over the principal’s affairs, or it may be power that does not become automatically effective unless the principal is deemed incapable. The more common version is the latter since many clients prefer control over their own accounts and would rather not grant authority before an emergency occurs. However, A DPOA granting immediate power can be helpful for those who want a loved one to take care of their affairs in order to forego financial stressors later in life.
Clients who move or travel frequently might also consider a granting power of attorney to safeguard and grow their assets while away in another state or country. More commonly, clients seek to grant power that only goes into effect in the event of an emergency. With proper estate planning, loved ones will not have to struggle to make sure important financial matters or just everyday bills and costs are taken care of. If an emergency does occur, the durable power of attorney ensures that care is taken, so that when the situation improves your family can resume normalcy with as little financial difficulty as possible. As the principal, you can grant limited power or a general power of attorney to your agent. If limited, your agent may only conduct specific or limited transactions such as a real estate transaction. A general power of attorney is where the principal authorizes the agent much broader authority such as depositing or withdrawing funds in a bank account, selling property, or engaging in any other transactions on behalf of the principal.
Under Arizona laws, a power of attorney document must be signed by the principal and a witness before a notary public. As principal, you can revoke the power of attorney for any reason and at any time but only in writing on a revocation form.