When it comes to a full estate plan, a Durable Power of Attorney (POA) offers constant financial management even in case of incapacity. Attorneys, when bestowed with this type of power by the principal, can take decisions of a financial nature on behalf of the latter. Here are 3 important things that you should know before using a Durable POA. For more information about getting a power of attorney form in Arizona, please visit this website.
Appointment of a Successor Agent
Often, it is important to appoint one or multiple successor agents while using a Durable POA. This is because the original agent that you appoint might die or become unwilling or unable to serve you. When you appoint successors, you can be assured that someone or other will always be there to deal with your financial affairs and take decisions on your behalf. However, you should always appoint agents and successors who you trust completely.
Revoking a POA
You have the authority to revoke your Durable POA for so long as you are competent. You can do so by sending a written notice to the agent and notifying the person about the revoking of the Power of Attorney. Once he is notified about your Durable POA revocation, he might be unable to take any more action under the powers of the document. But the actions already taken by the agent under the authority bestowed on him will not be undone in any way.
Making it effective upon incapacitation
You can make a Durable POA effective when you get incapacitated. This can be done with a Springing Durable POA that activates when you become incapacitated.
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