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Having a power of attorney (POA) is an important part of estate planning. It gives someone you trust the legal authority to act on your behalf if you become incapacitated or unable to make decisions. But not all PO As are created equal. Here are three key powers that everyone should have in their POA document, especially if they live in Arizona. The power to fund a revocable trust If you have a revocable trust, it's important to make sure it's properly funded with assets such as real estate, investments, and bank accounts. This allows the trust to work as intended and avoid probate. However, if you become incapacitated or pass away without funding the trust, your loved ones may face unnecessary delays and expenses. By including the power to fund a revocable trust in your POA document, your agent can take care of this important task for you. They can transfer assets into the trust, change beneficiaries on retirement accounts, and do whatever else is necessary to ensure your plan works as intended. The power to manage digital assets In today's digital age, most people have online accounts for everything from email and social media to banking and investing. But what happens to these accounts if you become incapacitated or pass away? Without proper planning, your loved ones may struggle to access them or even lose valuable information.
