Advantages of a Power of Attorney in Phoenix

A Power of Attorney is a legal document that gives someone you trust the authority to carry out business transactions for you. The best choice of words to educate readers on how a power of attorney works is posted on the Arizona Supreme Court website. Types of business transactions might include selling a house, cashing a Social Security check, or making other financial decisions. The person you appoint to act in your place is known as the “attorney in fact” or your agent. It is very important that your agent is someone you trust. It is consider all of the benefits of having a power of attorney for your family trust in Phoenix.

No bond is required with a Power of Attorney. There is no court supervision. The person you appoint as your attorney in fact or your agent could abuse the power to his or her own advantage. That is why it is so important that the person you appoint be someone you trust. There are many advantages to having a power of attorney. First and foremost establishing a power of attorney is inexpensive. Not only is it inexpensive, but there are many other benefits as well.

A power of attorney can give family members the opportunity to discuss wishes and desires. When a parent or loved one makes the decision to sign a power of attorney, it is a good opportunity for the parent to discuss wishes and expectations with the family and in particular, the person named as agent in the power of attorney.

Another advantage is your loved one controls whether the agent has general or specific power. If someone has signed a power of attorney and later becomes incapacitated and unable to make decisions, the agent named can step into the shoes of the incapacitated person and make important financial decisions. Without a power of attorney, a guardianship or conservatorship may need to be established, and can be very expensive.

These are just a few of the advantages of a power of attorney for your family trust in Phoenix. A power of attorney is beneficial for everyone involved. As always, it is important to do your research before creating or signing any legal document.

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If you are not sure as to what legal document you currently have contact one of our professionals to help you with your estate planning. They will make sure you have all of your grounds covered and have the right legal documents that best suite your wants and needs.