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Having a power of attorney (POA) is an important part of estate planning. It gives someone you trust the legal authority to act on your behalf if you become incapacitated or unable to make decisions. But not all POAs are created equal. Here are three key powers that everyone should have in their POA document, especially if they live in Arizona.
If you have a revocable trust, it's important to make sure it's properly funded with assets such as real estate, investments, and bank accounts. This allows the trust to work as intended and avoid probate. However, if you become incapacitated or pass away without funding the trust, your loved ones may face unnecessary delays and expenses.
By including the power to fund a revocable trust in your POA document, your agent can take care of this important task for you. They can transfer assets into the trust, change beneficiaries on retirement accounts, and do whatever else is necessary to ensure your plan works as intended.
In today's digital age, most people have online accounts for everything from email and social media to banking and investing. But what happens to these accounts if you become incapacitated or pass away? Without proper planning, your loved ones may struggle to access them or even lose valuable information.
By including the power to manage digital assets in your POA document, your agent can access and manage your online accounts on your behalf. They can pay bills, cancel subscriptions, download important information, and more. This helps ensure that your digital legacy is properly managed according to your wishes.
In some situations, legal action may be necessary on your behalf – for example, if you're involved in a lawsuit or need to collect a debt. But if you're incapacitated, you won't be able to take these actions yourself. That's where the power to prosecute and defend legal actions comes in.
By including this power in your POA document, your agent can take legal action on your behalf if necessary. They can hire an attorney, file a lawsuit, or defend against legal claims. This ensures that your legal rights are protected even if you're unable to act for yourself.
Creating a POA document that includes these important powers is not something you should attempt on your own. An experienced estate planning attorney can help ensure that your document meets Arizona's specific requirements and includes all the necessary powers for your unique situation.
An attorney can also help you choose the right agent – someone who is trustworthy, responsible, and willing to act on your behalf when needed. And they can provide guidance on other estate planning documents such as wills and trusts, so you have a comprehensive plan in place for the future.
If you live in Arizona, it's important to have a power of attorney document that includes specific powers such as funding a revocable trust, managing digital assets, and prosecuting or defending legal actions. By working with an experienced estate planning attorney, you can create a customized document that gives you peace of mind knowing that someone you trust will be able to make decisions on your behalf if necessary. Don't wait until it's too late – contact an attorney today to start creating or updating your POA document.
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7473 E. Tanque Verde Road
Tucson, AZ 85715
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Disclaimer: The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create, and receipt or viewing does not constitute an attorney-client relationship.
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