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.