A durable financial power of attorney is a written document in which you, as the principal, designate another person to act as your agent, for your benefit. Power of Attorneys can be used in many instances such as: when an illness falls upon a member of your family, when you have no family to manage your estate, you and your spouse will be unavailable but are making a large transaction, such as selling a home or even if you own a business and would like someone to handle its care if you are unable to do so.
The power of attorney document outlines the authority granted to your agent and must be executed pursuant to Arizona statute. (Refer to Arizona Revised Statues Section 14-5501 for more information which can be found here, at the website for the Arizona Legislature).
- The power of attorney must be:
- Signed by you, as the principal;
- Witnessed by a person other than the agent, the agent’s spouse, the agent’s children or the notary public,
- Executed by you as the principal and by the witness in front of a notary public, and
- Evidenced by the notary public’s official seal and certification.
- A power of attorney, or other legal documents can be signed by a mark, or by another in the principal’s name when the signing is at the conscious direction of the principal and in the presence of the principal. However, the forms provided in this library all require the signature of the principal.
- An agent under a power of attorney has an obligation to act for the benefit of the individual who appointed the agent to manage his or her property. If a power of attorney is procured by the agent through intimidation or deception, that agent is subject to criminal prosecution and to civil penalties. See A.R.S. §14-5506.