Question from Precious, What is the ARS for Durable Power of Attorney Duties?
Answer from AI:
Understanding Durable Power of Attorney (DPOA)
A Durable Power of Attorney (DPOA) is a legal document that grants someone the authority to act on another person’s behalf in legal and financial matters. The term “durable” means that the power remains in effect even if the principal becomes incapacitated. In the United States, the specific duties and responsibilities of an agent under a DPOA can vary by state.
Arizona Revised Statutes (ARS) for DPOA Duties
In Arizona, the relevant statutes for Durable Power of Attorney are found in the Arizona Revised Statutes (ARS) Title 14, Chapter 5, Article 5. Here are some key points:
- Fiduciary Duty: The agent must act in the best interest of the principal, maintaining a fiduciary duty to act loyally and in good faith.
- Record Keeping: The agent is required to keep detailed records of all transactions made on behalf of the principal.
- Scope of Authority: The DPOA document should clearly outline the scope of the agent’s authority. The agent must not act beyond this scope.
- Termination: The DPOA can be terminated by the principal at any time, as long as they are competent. It also terminates upon the principal’s death.
For more detailed information, you can refer to the [Arizona Revised Statutes Title 14](https://www.azleg.gov/arsDetail/?title=14).
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