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An Arkansas power of attorney is a legal document used when a person or legal entity, known as the principal, authorizes another person, an agent, to act on their behalf or make decisions regarding their financial, medical, business, or other affairs.
The document can have effects from the moment the principal signs it or from some future event.
It's crucial for the principal to precisely define the powers of the agent. This will prevent situations where the agent undertakes actions beyond their authorized capacity, which could cause harm or damage to the principal.
Types of Power of Attorney in Arkansas
Arkansas Durable (Statutory) Power of Attorney Requirements
A durable power of attorney in Arkansas stays in effect or takes effect when the principal cannot make decisions for themselves anymore. Any power of attorney signed and notarized on or after January 1, 2012, is considered durable unless otherwise stated.
Arkansas General (Financial) Power of Attorney Requirements
This type of power of attorney allows the principal to give authority to the agent to make financial decisions on their behalf in matters related to finances. This includes managing bank accounts, paying bills, and investing in real estate.
Arkansas requires the principal's signature or the signature of another person directed by the principal in their conscious presence to sign a power of attorney, which is deemed legitimate if acknowledged by a notary public. (§ 28-68-105)
Arkansas Limited (Special) Power of Attorney Requirements
In Arkansas, a limited (special) power of attorney outlines specific actions that an agent can take on behalf of the principal.
The agent's duties and rights are clearly defined in the document, ensuring that the agent acts within the bounds of the principal's wishes and instructions.
Arkansas Parental (Minors) Power of Attorney Requirements
When parents cannot undertake responsibilities under the corpus of parental rights towards a minor child, this type of power of attorney is vital.
It must specify what responsibilities the agent has regarding the child's personal, economic, and educational rights, and it must be certified by a notary public.
Arkansas Medical Power of Attorney Requirements
A medical power of attorney enables an individual to appoint an agent to make healthcare decisions on their behalf. The agent's authority may continue even if the individual becomes incapacitated, unless the document is revoked or a court decides otherwise.
Additionally, using this document enables people to make crucial healthcare decisions in advance and guarantees that a dependable person will carry out their wishes.
The principal should sign it in the presence of a notary public.
Arkansas Springing Power of Attorney Requirements
A “springing” power of attorney grants an agent the authority to act on behalf of the principal on a certain date or if a future event, such as a medical emergency or a specific situation, happens.
Therefore, once the event occurs, the document becomes active, and the designated person can then take action as specified in the power of attorney.
Arkansas Vehicle Power of Attorney Requirements
The principal can utilize this sort of power of attorney and grant power to the agent to act on their behalf while buying or selling, carrying out the registration procedure, and getting the title.
Arkansas Revocation Power of Attorney Requirements
The principal has the right to revoke the power of attorney at any time.
However, the principal must be mentally capable of making this decision and must inform both the agent and those institutions where the agent represents the principal at the time of revocation.
Arkansas Tax Power of Attorney Requirements
An Arkansas tax power of attorney authorizes an agent to act on behalf of the principal regarding tax matters such as filing tax returns, making payments, and communicating with the Internal Revenue Service (IRS) or the Arkansas Department of Finance and Administration (DFA). (sec. 28-68-216)
Arkansas Real Estate Power of Attorney Requirements
An Arkansas real estate power of attorney authorizes an agent to act in real estate affairs on behalf of the principal. These include buying, selling, leasing, or managing real estate.
It must be signed by the principal and notarized.
Legal Requirements for a Power of Attorney in Arkansas
There are specific legal requirements that must be followed when creating an Arkansas power of attorney, such as:
Legal Requirements
Mental capacity. It is crucial that the principal provide power of attorney voluntarily and be of sound mind for it to be valid.
Signature and certification before a notary public. The principal or another individual directed by the principal must sign a power of attorney in front of a notary public.
Language and form. The power of attorney in Arkansas must be in writing and in English.
Who Can Be an Agent for a Power of Attorney in Arkansas
An agent can be any individual over the age of 18 who is of sound mind and willing to accept authority and carry out duties in the principal’s best interest.
How to Create an Arkansas Power of Attorney
Power of Attorney in Arkansas
#1. Decide on Which Type of Document to Use
The first step is to choose which affairs you will grant powers to the agent.
#2. Select an Agent
Make sure that your agent is trustworthy and has sufficient qualifications so that you can be sure that they will act effectively in your interest. You can also select a successor agent as an alternative when the primary is not available.
#3. Define the Agent’s Powers
The power of attorney should be clear about what the agent can and can't do. This is because one of the agent's main responsibilities is to stay within the limits of their authority.
#4. Download & Fill in Our Form
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#5. Get it Signed & Notarized
To validate a power of attorney in Arkansas, it is necessary for the principal to sign the document and have it notarized in the presence of a public notary. This ensures that the document is legally binding and authentic.
#6. Safely Store The Original Copy
It is important to securely retain the original copy of a power of attorney. It serves as evidence of the delegation of power to the agent and outlines the agent's specific powers.
#7. Provide Copies to Relevant Parties
Provide the agent with a copy of a power of attorney, as it proves the agent's authorization and identity.
#8. Update the Document as Needed
A change in the scope of the agent's power should always be followed by a power of attorney update, whether to broaden or reduce the agent's powers.
How Long Does a Power of Attorney Last in Arkansas?
A power of attorney in Arkansas is effective when signed by the principal and notarized, or on a specified date or occurrence as stated in the document.
It lasts until the principal dies, becomes incapacitated, revokes it, or its purpose is accomplished. The agent's authority can also be revoked or terminated by the principal, the agent's death, incapacity, or resignation.
Note that if the agent acts in good faith under the power of attorney without knowledge of its termination, any action taken by the agent will still be binding for the principal.
You should use a power of attorney when you cannot personally manage your affairs, whether due to health reasons, old age, absence, or simply because you believe it is more efficient for someone else to do so on your behalf.
A power of attorney delegates authority to the person chosen by the principal and obligates them to act in the best interests of the principal upon acceptance.
Yes, an Arkansas power of attorney must be signed by the principal in front of the notary public.
If you want to allocate your property, money, and possessions, then yes, you need a will, even if you have a power of attorney. The power of attorney has an effect during the principal's life, whereas the will is effective after their death.