Financial Power of Attorney (FPOA)
A financial power of attorney is a document that allows you to appoint someone to handle your financial affairs.
This document grants powers or authorities to this someone (also known as your agent). In determining who you would want to be your agent, you will want to choose someone you completely trust to handle your financial affairs. This is someone who will act in the same manner as you would if you were handling your financial affairs yourself.
The word “durable” in the context of this document means that the document continues to be legally valid even if you become incapable or unable to handle your finances. We have found many people are afraid to put a financial power of attorney document in place because they are fearful that their named power of attorney (agent) will use their powers or authorities immediately to take advantage of the person naming them. While making the document effective immediately would grant immediate ability to use the document, it is important to note that this document can be made effective immediately OR only upon your incapacitation and the statement of two physicians who verify your incapacity.
It is also important to name one or two back-up agents in case the first person you name is not available or is unable to act as your agent.
In order for your financial power of attorney document to be valid in Arizona it must be witnessed by someone not related to you and notarized by a Notary Public.
You can purchase a Financial Power of Attorney from our office, here for $100.00.
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