The Arizona Durable Power of Attorney Form is a legal document that allows you to designate an agent (or entity) to act on your behalf, making this person responsible for dealing with financial issues of yours. Though the document is primarily aimed at people experiencing serious health problems expected to result in incapacity (or disability), it does not grant an agent the right to make medical decisions. If you wish to establish a chosen agent to take care of your end-of-life treatment, another form should be looked into and filled out.
It is utterly important that the principal appoints an agent he trusts, as this person will be authorized to manage, withdraw, gift, or sell the assets in a bank account or other powers indicated in the document. The paper may be revoked or terminated in writing at any time with no reason or cause, as well as a result of the agent exceeding or violating the authority granted by the durable power of attorney form.
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The rules of the creation of such a document vary from state to state. That is why it is advisable to study all the necessary information prior to its completion. The people who sign the form must abide by the law of Arizona. Here is a list of terms that are mentioned in the paper:
According to the § 14-5501 law of Arizona, “an adult, known as the principal, may designate another adult, known as the agent, to make financial decisions on the principal’s behalf,” which means that both should be at least 18 years old. The document requires notarization, and it becomes effective when all the parties put their signature in the presence of a legal notary. A Power of Attorney Form ends upon revocation, on the specific date (if entered in the form), or upon the principal’s death.
The principal should be aware that if he or she happens to reside in some other state than Arizona after completing and notarizing the form, it will be necessary to consult a legal assistant on whether a new document should be executed.
Considering the document to be of exceptional importance, the agent should be provided with the original form and keep it in a convenient place in case it is requested. Many people will want to see the document in connection with particular transactions. Nevertheless, the agent should not release the original.
The agent who deliberately acts with intimidation or deception, intending to take advantage of the position, is subject to prosecution and civil penalties, as well as anyone performing assistance to do so.
Once you have ensured you know all the document’s creation requirements, move on to submitting. You will find a simple step-by-step set of instructions below:
You may opt for downloading the form from a source page online. To successfully complete the correct, up-to-date template, use our form building software.
The introduction of the form should contain your personal info and designate the agent, which involves submitting your full names and residence addresses.
The principal and the attorney are required to put initials under each described power that the principal had selected to delegate in advance.
It is possible to appoint one more agent who will be meant to serve as an attorney. In fact, in case the initial agent cannot perform his or her responsibilities any longer. The statement also outlines that the alternate agent is not liable for any acts of the initial agent.
The principal entitles the agent to receive reasonable compensation (per hour) for his or her service. Both parties should provide their initials under this statement, confirming that the price had been previously negotiated.
After all pieces of information are checked with utter precision, the principal, being first duly sworn, is supposed to write his full name and the date, stating that the document has been created willfully and under no pressure.
The state of Arizona requires one witness to be present while the Durable Power of Attorney is being completed. The witness should observe the information declared in the form and, being first duly sworn, print his or her full name and the date and provide the signature.
As the form requires obligatory notarization, a legal representative of a Notary Public should verify the information and authenticate the paper, proving that both principal and witness have subscribed and acknowledged the document under oath.