![]() ![]() This was a common need during the Covid-19 pandemic, as travel bans and lockdowns left many people stranded and in need of someone to manage their affairs at home.Ī health care power of attorney is a written document that names the person who will direct your medical care when you cannot because of incapacitation from illness, accident, or advanced age. Granting an immediate power of attorney might also be an option for clients who move or travel frequently to safeguard and grow their assets while away in another state or out of the country. 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. ![]() Naming a durable power of attorney is a proactive form of estate planning so that when the situation improves your family can resume normalcy with as little financial difficulty as possible.Ī durable power of attorney can also give immediate power over the principal’s affairs. If an emergency does occur, the durable power of attorney ensures that loved ones will not have to struggle to take care of important financial matters or even everyday bills. ![]() This is the most common kind of power of attorney because it allows control over your own accounts. The power only goes into effect in the event of an emergency. How Does a Durable Power of Attorney Work?Ī durable power of attorney can only grant power to an agent if the principal is deemed incapable. Click here to download a Free Durable Financial Power of Attorney. As principal, you can revoke the power of attorney for any reason and at any time but only in writing on a revocation form. A “durable” power of attorney means that the document is valid even if the principal is declared mentally incompetent. Under Arizona laws, a power of attorney document must be signed by the principal and a witness before a notary public. The person who gives the power is called the principal and the person who power is given to is called the agent (also known as an attorney-in-fact). A durable power of attorney, sometimes called a financial power of attorney, authorizes someone else to make financial decisions on your behalf in the event that you are unable. ![]()
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