This form is a durable power of attorney. The form provides that the agent of the principal is only authorized to use the principal's funds for the best interest of the principal. If the agent fails to comply with principal's instructions, the agent then may be liable for criminal charges or civil liability.
Power Of Attorney Blank Without Capacity
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How to fill out Arizona Durable Power Of Attorney?
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FAQ
One major downfall of a POA is the agent may act in ways or do things that the principal had not intended. There is no direct oversight of the agent's activities by anyone other than you, the principal. This can lend a hand to situations such as elder financial abuse and/or fraud.
The POA cannot transfer the responsibility to another Agent at any time. The POA cannot make any legal or financial decisions after the death of the Principal, at which point the Executor of the Estate would take over. The POA cannot distribute inheritances or transfer assets after the death of the Principal.
The POA document will specify the steps to resign. If it does not, a good first step is to write a letter tendering your resignation, and send it via certified mail to the person who executed the power of attorney and any co- or successor agents.
While you aren't financial liable, as the attorney-in-fact, you're still the point of contact for the principal's debts. Creditors have a right to attempt to collect the funds that are owed. They don't, however, have a right to harass you.