The Arizona Durable Power of Attorney is a document that allows a person (known as the “principal”) to forward decision-making to someone else (a person known as the “agent”) for financial matters. The form is especially useful in the event the principal is no longer able to make decisions for themselves due to mental instability. In this case, the agent would be able to have ultimate control over the principal’s monetary matters and would be able to make any decision necessary as long as it is in the best interest if the principal.
These powers include; buying and selling property, handling bank accounts, business decisions, and any related matter to the principal’s financial accounts.
Signing – This form must be signed with the Principal and a Witness in the presence of a Notary Public. The Witness must not be the agent, the agent’s spouse, the agent’s children or the Notary Public.
How to Write
1 – Prepare The Appropriate Paperwork
When an individual (Principal) has decided to appoint another individual (Agent/Attorney-in-Fact) with the authority to act in one or more matters with Principal Power, certain facts will have to be documented then verified by signature. In order to begin this process, gather any background work necessary then select one of the buttons on this page.
2 – Fill In The Party Information
The first statement, containing some required language, must have some information entered directly into it. These will be items specific to this document.
On the first space, following the words “undersigned principal,” fill in the Principal’s Full Name.
Then report the Principal’s Address of Residence.Similarly, after the phrase “hereby appoint,” document the Agent/Attorney-in-Fact’s Full NameThen, enter the Agent’s Complete Address of Residence on the final blank space in this paragraph.
3 – Determine The Granted Powers
There are several categories of Authority that a Principal may grant an Attorney-in-Fact. Any power granted to an individual so that he or she may act on a Principal’s behalf must be approved by the Principal. More importantly there must be evidence of this approval. This section will use a numbered list which breaks down each type of authority into a separate subject and definition. If the Principal intends for an Agent to act on his or her behalf in relation to the power defined, he or she need only initial the statement on the blank space provided. A Witness observing this action must also supply his or her initials on the blank space.
The Principal may grant the Attorney-in-Fact the power to Buy, Sell, Transfer, Lease, or Exercise any Power in respect to any real and intangible property on behalf of the Principal, then he or she (and a Witness) must initial the First Item.If the Principal intends the Agent to act on his or her behalf with Principal Power regarding the Principal’s Bank Accounts, the Second Item will need to be initialed by the Principal and the WitnessThe Attorney-in-Fact may act with Principal Power and Authority in respect to the Principal’s Safe Deposit Boxes, if the Principal initials the Third Item. This, too, must be initialed by a Witness.The Fourth Item empowers the Agent with the Authority Demand, Receive, Prosecute or Defend the Principal’s assets and property with Principal Authority once the Principal and a Witness supply their initials on the corresponding blank spaces.The Principal may appoint the Agent with the Authority to act in respect to his or her Brokerage Accounts by initialing the Fifth Item. The Witness attending this section with the Principal must also initial this item if the Principal does.The Sixth Item shall document the Principal appointing the Attorney-in-Fact with the power to Employ Consultants when the Principal (and a Witness) supplies his or her initials on the corresponding blank space.The Attorney-in-Fact will gain Principal Power in regards to the Principals Insurance when the Seventh Item has been initialed by both the Principal and the Witness.The Eighth Item allows the Agent Principal Power to Provide for the Principal’s Support (i.e. housing, operating costs, essential needs). If the Principal wishes to grant this power to the Agent, he or she must initial the blank spaces provided here along with a Witness.The Principal may grant the Attorney-in-Fact power regarding his or her Tax Returns by initialing the blank spaces in the Ninth Item.The next statement requiring attention will be the Eleventh Item and is optional. If the Principal desires to name an Alternate Attorney-in-Fact or Agent to act with Principal Authority in Principal Matters he or she may do so by initialing this Item with a Witness. This will also require the Name of the Alternate Agent to be supplied on the blank space in this statement. An Alternate Agent will assume all the Principal Powers the Primary Agent has, if the Primary Agent is unable or unwilling to act with Principal Authority for any reason.The Twelfth Item will enable the Principal to allow for a certain amount of compensation to the Agent for any services provided. This item will require the maximum hourly rate, the Agent may be compensated, to be recorded on the blank space in this statement as well as the initials placed by the Principal and the Witness.
4 – Required Signatures
The statement below the Authority Section will have some requirements to finalize this document. The first space (preceding the words “the principal”) will need the Name of the Principal to be presented.The three spaces after the wording “…General Power of Attorney” have been provided so the Principal may enter the Date he or she is signing this documentThe blank line labeled “Principal” requires the Signature of the PrincipalThe next statement must be tended to by the Witness observing the Principal sign this document. Print the Full Name of the Witness on the blank space after “Witness: I”Below this statement, the Witness must enter the Signature Date along with his or her Signature and Printed Name.The remainder of this form exists for the use of the Notary Public. This entity must witness the signing, verify some information in the spaces provided, then provide his or her credentials.