Most people imagine themselves being able to make important decisions concerning their lives, health, and finances. However, life can be very unpredictable and in just an instance you may find yourself in a position where you will not be able to make these decisions for yourself. If you do not have a power of attorney in place your loved ones will be left to turn to the courts when it comes to making the necessary decisions concerning your life instead of following your own wishes. For you to prevent such a situation you may need to put a power of attorney in place so you can be able to protect yourself.
A POA or power of attorney is put in place so you can be able to assign the individuals that you would like to make the important decisions on your behalf if you are ever in a situation where you are not able to make the decision yourself. When you have a valid power of attorney in place it will help you to avoid the stress and confusion that can arise among loved ones in case of an emergency.
Monahan Law Firm's estate practice team can help you come up with a durable power of attorney that will help ensure that your finances are well managed and your obligations are being met. If you want to find out more about powers of attorney you can give our law firm a call.
What Does A Power of Attorney Do?
When you grant another individual a power of attorney in Arizona you are legally allowing them to make decisions on your behalf on issues to do with healthcare, finances, and legal issues. To make a decision about a sound estate plan a power of attorney is important and should be carefully considered. There are four types of power of attorney in Arizona:
- Special power of attorney
- Health care power of attorney and mental health power of attorney
- General Durable power of attorney
- Revocation of a power of attorney
If you need guidance on issues dealing with a power of attorney in Arizona you can give us a call, send us an email, or fill in our online form and we will get in touch with you.
We know that individuals in Arizona have complex estate planning needs that they would like to have resolved. Our lawyers are knowledgeable about the law. We know that estate planning issues particularly related to a power of attorney carry heavy emotions with them.
Most of our clients have been able to plan their estates in preparation for the unforeseen future. However, we also know that there are those that are facing end-of-life scenarios or other significant life events and are not well prepared. We have a full understanding of the law. We are confident and diligent legal representatives. However, we are also human. We deal with our clients with compassion and are always looking to understand the specific and individual needs that they have.
General Power of Attorney vs Medical Power of Attorney
You will not always be able to make crucial decisions concerning your finances and health. You need to be prepared before instances requiring a power of attorney arise. It is important for you to appoint someone to make the crucial decisions on your behalf and carry out your wishes.
One way that you can be able to do this effectively is by giving another person that you trust the power of attorney. In Arizona, there are different types of POA. Some of the major powers of attorneys are the general power of attorney and the medical power of attorney.
General Versus Special Power of Attorney
A general power of attorney gives the agent broad and unlimited authority to act on behalf of the principal to make medical, legal, and financial decisions.
This type of POA is used when an individual wants to grant another individual the authority to make a lot of decisions on their behalf. These decisions include both financial and business decisions. The power of attorney can last for a set amount of time, it can be indefinite or it can last until when a certain condition is met.
A special power of attorney restricts the agent’s authority for specific things like signing closing documents for a real estate transaction.
Additionally, making a power of attorney “durable” is typically a good idea because this makes a power of attorney effective when you are coherent and incoherent or incapacitated.
Medical Power of Attorney
A medical power of attorney is often given to a trusted family member and they have the responsibility of making important medical care decisions on your behalf if you are incapacitated or unable to make the decisions. It also allows individuals to make funeral arrangements in case death occurs.
The definition of the various powers of attorney in Arizona is only a minor issue in the complex process. The definitions for the various powers of attorney in Arizona are straightforward. Even so, it is important for there to be careful consideration of the details that are involved in your particular situation. Choosing a qualified attorney to discuss these issues with will have an impact on your situation.
How to Give Someone A Power of Attorney
A written document outlining the powers being given is necessary in Arizona when granting a power of attorney. The person who is granted a power of attorney will sign the prepared document and will stand before a notary and a witness. It is not enough for an individual to simply write a note and sign it. If third parties such as banks and other financial institutions will recognize the individual that you want to authorize to act on your behalf you need to follow the legal requirements.
You need to present a document using specific language that shows the intentions that you have of granting a power of attorney before a notary and there is a need for a party that is not a person of interest to be present. For a durable power of attorney to be created there are certain words that need to be used in order to show your intention to give the authority to the individual and that you need for them to carry on even after you are incapacitated.
For a power of attorney to be granted to an individual, there are certain requirements that need to be met. They include:
- An individual is 18 and above.
- They should be of the sound of mind.
- The power of Attorney or POA should be in writing.
- As stated above the POA should be signed before a notary public and one witness.
- The POA should be documented as public record.
Our Glendale estate planning lawyers can help guide you through filling in the paperwork and make sure that you do not miss any steps during the process. We are here to help make sure that your wishes are met in your power of attorney.
Can A Power of Attorney Be Cancelled or Revoked?
It is uncommon to have an irrevocable power of attorney. Even so, the POA can be binding. This means that the principal’s ability to revoke the POA is usually limited. This can be done by including a special clause in the document.
If the principal is mentally competent the power of attorney can be revoked at any time. This will apply even if there is a different specified date in the POA document.
An ordinary power of attorney will end automatically if the principal is mentally incapacitated and is unable to make their own decisions.
It is possible for a power of attorney to remain in effect even if the principal is mentally incapacitated. It is important for you to choose an attorney that is capable and trustworthy. Also, if you are to cancel or revoke a POA and for it to be acknowledged by a financial institution you have to put it in writing.
You should make sure that you and yours are well taken care of. Get in touch with us at Monahan Law Firm, PLC, and let us tell you about the various types of powers and which would suit your situation. If you are ready to get started with the legal process call our office and let's chat.