Every adult over 18 should have a durable power of attorney in place to guard against the possibility of becoming disabled or incapacitated. If a such a condition were to occur without having this document in place your loved ones would be forced to apply for a Guardianship and Conservatorship subject to court approval and ongoing court supervision in order to manage your affairs, on your behalf; an often highly expensive proposition.

A durable financial power of attorney is a document that is used to empower another person to handle your financial, banking, bill paying, property, and business affairs. It is referred to as durable because it is not cancelled if you become disabled or incapacitated (unlike other powers of attorney). Such a document is only cancelled if revoked by the principal who gave the power or by that Principal’s death.

There are two basic forms of Durable Power of Attorney for Finances: An ”immediate” power which gives the agent the power to act at the time the power is executed; and a “springing” power which “springs” up in the event of incapacity or disability that prevents you from acting for yourself. In most cases our firm recommends an immediate power so that the agent can act quickly in urgent situations. This avoids the pitfall of having to wait for a physician determination of incapacity in order to act in such cases of urgency.

Because an immediate power authorizes the agent to act in the principal’s place while you are able to act on your own it is very important to select an agent who is financially astute and of course highly trustworthy. Abuse, fraud, and financial exploitation are commonplace and selection of an appropriate agent with a solid moral character is a good first line defense against those problems. It is also very important to choose an agent who will be available to do what is necessary and who can effectively communicate and execute the Principal’s interests.

Agents are legally obligated to put the interests of the Principal first, including at the subordination of their own interests. In addition Arizona has comprehensive felony criminal and civil laws to protect the Principal from unscrupulous agents.

At Arizona Mobile Attorneys we do comprehensive capacity planning along with our estate planning service. We would be happy to help you with this endeavor.

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