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terminated if you and your spouse divorce. Accordingly, it is advisable to revoke your previous Financial Power of Attorney when you divorce and to make a new one in which another agent is designated who will carry out your financial wishes without conflict. For the same reason, it is wise to name an alternate agent so that your Financial Power of Attorney does not become ineffective if your primary agent becomes unavailable or unwilling to serve. It is important to understand that a licensed psychiatrist or psychologist must attest to your incapacity before your Financial Power of Attorney will become effective.
A Financial Power of Attorney is intended to eliminate the need for a court to appoint a conservator if the maker of the document becomes incapacitated - a time-consuming, lengthy and expensive process. In Arizona, a bank may automatically freeze accounts upon learning of a depositor's incapacity, but the bank also has discretion to give over control of the accounts to an agent designated in a valid Financial Power of Attorney.
Contact the estate planning attorneys at Agins Law Firm today to prepare a Durable Financial Power of Attorney
for you at the same time as you have them prepare your Will or Revocable Living Trust.
An Arizona Durable Financial Power of Attorney allows you
to designate someone you trust to make financial decisions
for you in the event that you are not able to make them yourself because of mental or physical incapacity. In order to make an effective Financial Power of Attorney, you must be at least 18 years of age, of sound mind at the time it is signed, and living within the State of Arizona. A durable power of attorney
remains effective unless and until (1) you revoke it; (2) a court invalidates it; or (3) no agent is available at the time the document becomes effective. Arizona is a community property state but the durable power of attorney is not automatically
Financial Power of Attorney
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