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Power of Attorney - Financial or Business Transactions
A Power of Attorney is a legal document that gives someone you trust the authority
to carry out business transactions for you. 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.
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 forms to help you do these powers of attorney in legal form stores and
some book stores. Most law libraries, including the law library of the Superior
Court in Maricopa County, will have books with examples you may copy, but staff
will not be able to advise which version, if any, is best for your situation. After
you sign the form, the person who has the power of attorney should keep the original
to show to banks or others that want proof of legal authority. You should keep a
copy in a safe place too.
These kinds of powers of attorney do have not expiration dates, unless you put certain
start and stop dates right on the document when you sign it. But, you can cancel
or revoke the Power of Attorney at any time by completing a "revocation" form, and
sending or delivering a copy to the person you appointed as your agent, and recording
the form with the County Recorder.