Say you need to get authority over your father's finances because you don't think he can manage them himself any longer. You know you need a power of attorney (POA). Can't you just go online, download a financial POA form, and get your dad to sign that?
Last week we talked about Arizona's online health care power of attorney form. It was put on the web by the Arizona Attorney General, and it's based on the Arizona statute for health care powers of attorney. While we don't exactly recommend you use it, it certainly is available, recognized and effective. So why can't you find the same kind of form for financial powers of attorney?
Because they're dangerous. That's why. They're dangerous for your father to sign, and they can even be dangerous for you to use.
In this week's podcast episode, we talk about financial powers of attorney and why it makes sense to involve a lawyer in their preparation. We also explain why the Arizona state government doesn't have a financial POA form online for you to download.