What is a durable financial power of attorney?

A durable financial power of attorney is a legal document that can be used in estate planning law in Arizona. It gives a person (the “principal”) the ability to assign right and authority to another person (the “agent”) to handle their financial affairs. The document typically includes detailed instructions on how the agent should manage the principal’s money and assets. In Arizona, a durable financial power of attorney is legally binding once it is properly signed and notarized by the principal. It is also considered “durable” because it remains in effect even if the principal becomes incapacitated or disabled. The agent designated by the principal has the power to take action related to the principal’s finances, such as paying bills, managing bank accounts, signing contracts, and filing taxes. The durable financial power of attorney can be a useful tool for estate planning in Arizona because it gives the principal the ability to designate someone they trust to manage their affairs after they are no longer able to do so. It is important to be aware that the agent’s actions are binding on the principal and they may be legally responsible for any mistakes or negligent actions taken by the agent. That is why it is important to carefully select the agent and provide detailed instructions in the document.

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What is a durable financial power of attorney?

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