What Are the Different Types of Power of Attorney in Arizona?

A power of attorney is a document that allows you to select another person or a company to represent you on medical, financial or legal matters, in the circumstance that you are unable to communicate due to travel or another circumstance, or unable take care of yourself. There are many variations that can be used for a wide range of circumstances and situations in the state of Arizona.

Breaking POA Down

The term “principal” is used to describe the individual that the power of attorney is created for (the person who is unavailable to manage their affairs), and the term “agent” is used to describe the person or company that will represent the principal. The word “durable” and “nondurable” are also used to describe powers of attorney. A durable power of attorney simply means that it stays active even when a person has become incapacitated, and a nondurable power of attorney is cancelled when a person has become incapacitated.

General POA

A general power of attorney is used as a way to handle all affairs for a person when they are unable to handle a matter during a time of their life when they are traveling, sick, or mentally incapacitated, and is usually included a part of an estate plan. A limited power of attorney grants an agent the power to act as an agent for a limited number of decisions. It gives an agent less control than a general power of attorney.

Medical POA

A medical power of attorney is another type that is used to give an agent the authority to deal with medical decisions on a principal’s behalf if they become too ill to communicate. The agent is usually referred to as the “health care surrogate” or “health care agent” and this is normally combined with a living will.

Financial POA

There are also financial powers of attorney which can be used to manage a person’s complete financial life if they become incapacitated. These can be used to act on many different types of financial actions including the ability to buy and sell stocks and real estate, manage banking and financial affairs, the filing of tax returns, signing contracts, and more.

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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.