Gilbert Power of Attorney Lawyer

Gilbert Power of Attorney

When preparing your estate plan, part of the process can involve choosing a power of attorney. The person who is named a power of attorney is given the important task of making decisions in the event that the owner of the estate (also called the principal) suddenly becomes unable to make decisions for themself. There are many kinds of powers of attorney in Arizona. To better understand the process, consult with a Gilbert power of attorney lawyer.

What Is a Power of Attorney?

This is a document that gives legal permission for someone else to make choices for you. A power of attorney can be given the power to take charge of financial matters or medical choices if you were suddenly incapable of doing so yourself.

As mentioned above, a power of attorney document can be a part of the estate planning process. It is important to note that a power of attorney is not usually allowed to take charge of all aspects of your estate plan. For example, if you have a living trust, a power of attorney does not have the authority to take control unless you give them permission within the document.

General Power of Attorney

A general power of attorney is given the approval to make financial and legal decisions, including issues related to banking, property, and investments. Although they can make choices related to financial issues or legal issues, they are not given permission to decide on healthcare solutions on someone else’s behalf.

When you are in the midst of estate planning, be especially careful when naming a general power of attorney, as they will be able to make consequential choices for you as your representative. Make sure that you are choosing an agent who is trustworthy and competent and will follow your wishes as closely as they can.

Limited Power of Attorney

A limited power of attorney is only allowed to carry out specific tasks on behalf of the principal. This kind of power of attorney is given power over certain things as instructed by the principal. This can include handling the sale of a real estate property, signing an important document, or closing a particular bank account. After the task has been taken care of, then the limited power of attorney is no longer valid.

Durable Power of Attorney

This kind of power of attorney is much like a general power of attorney. However, unlike a general power of attorney, if the individual becomes suddenly incompetent, seriously ill, or injured, the agent is still legally considered to be a durable power of attorney. In other words, even when the principal is not able to do so, the durable power of attorney can make choices on behalf of the principal, and manage other important financial matters.

Springing Power of Attorney

This kind of power of attorney is like a durable power of attorney because the springing power of attorney will remain valid even after the principal is unable to make choices for themselves. However, it differs in the fact that a springing power of attorney is only able to carry out their duties at a certain time that the principal has designated.

This is for those who wish to make sure that their agent is only able to act on their behalf at a specific time, when it becomes a necessity, if you are incapable of the management of your own affairs.

Special Power of Attorney

A special power of attorney takes care of a particular area of your life. You can also assign an agent-specific alternative for decisions that must be made regarding certain matters related to your estate. A special power of attorney can include naming your spouse to take care of certain medical decisions for you.

Keep in mind that if you and your spouse decide to divorce, this can affect that document. You can also name your business partner as a means of taking care of business matters.

FAQs

Can You Revoke a Power of Attorney in Arizona?

Yes, you can revoke a power of attorney in Arizona as long as you are mentally capable of doing so. It is generally a simple process to do, which involves filling out a form that states that you wish to revoke the previous document and then create a new one.

Do You Need to Assign a Nurse or Doctor for a Medical Power of Attorney?

No, you do not need to assign a nurse or doctor for a medical power of attorney. It is important, however, to choose someone who is agreeable to make medical choices for you. Additionally, it can be helpful for that person to have some experience with medical processes so that they can ask effective questions.

Does a Financial Power of Attorney Need to Be Notarized in Arizona?

Yes, a financial power of attorney needs to be notarized in Gilbert, AZ. It must be filled out and notarized when you include this document in your estate plan. This is to help protect you and your financial assets, as you will be giving the agent the jurisdiction to take charge of your financial matters when you are unable to do so.

Does A Power of Attorney Need to Be Filed with the Court in Arizona?

In many cases, a power of attorney does not need to be filed with the court in Arizona. Filing or recording a power of attorney document allows the document to become part of a public record so that it is capable of being verified. There are some cases where it will need to be recorded according to Arizona law, such as in the event that there is a transfer of real property included in the document.

Consult with an Arizona Power of Attorney Lawyer

Creating a power of attorney document can be part of the estate planning process. When you name a power of attorney, that agent is granted the power to make choices on your behalf if you were to suddenly become unable to do so. With the different types of powers of attorney in Arizona, you may be wondering what type is suitable for your situation. Contact CDM Law Firm, for assistance.