When creating a power of attorney, the most important step is to understand why you want someone to have control over your legal or financial matters. There are many reasons why people create powers of attorney– the most common being when individuals want someone else to make decisions for them when they lose mental clarity with old age. Maybe you’re in the military and want someone looking over your affairs while you’re deployed. Another good reason to create a power of attorney is to have someone available to act for you if you suffer a devastating medical injury that leaves you unable to handle your affairs.
Whatever your circumstance, it is critical that you understand what power you want your agent to have over your affairs. This will help you decide what type of agreement you desire, when it becomes effective, and how long you want that agreement to last.
Once you have made those decisions, the next step is to decide the person you want to act as your agent under the power of attorney. Your choices of an agent may include a relative, friend, lawyer, or financial adviser. Whomever you choose, you should be sure that the individual is willing and trustworthy, and that they are mentally and physically a good candidate to act on your behalf.
After you have selected someone, you should draft a legal power of attorney document with a lawyer. This document should clearly define what you want your power of attorney to cover and for how long the agreement is valid.
Once completed, the document must be signed by you and also witnessed and notarized. You and your agent should keep copies of the document in a secure place. Anyone dealing with your agent will want to see an original of the power of attorney. It is a good idea to notify your bank after you have created a power of attorney to avoid any confusion.
If you have more questions on how to create a power of attorney, schedule a consultation with an experienced Arizona Estate Planning attorney today. Call (480)-464-1111 to schedule an appointment with JW estate planning attorney, Dave Weed.