Power of Attorney in Arkansas

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POWER OF ATTORNEY
The Basics
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• A Power of Attorney is an
• important estate planning tool

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There are many different types
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So, it is important to understand the differences
between them
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What Is a Power of Attorney?
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A POWER OF ATTORNEY is a legal document that
gives an agent power or authority to act on
behalf of the principal
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• Most commonly, a power of attorney is created in
  order to handle financial or medical needs

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For example, when a senior requires assistance
in paying bills, managing bank accounts or any
other aspect of their finances, they can execute
a power of attorney
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That way, the agent they choose can handle those
financial matters on their behalf
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General vs. Specific
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The key difference between a General Power of
Attorney and a Specific Power of Attorney is the
range of authority conveyed to the agents
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• Executing a general power of attorney is ideal in
  the event something happens that makes it
  difficult for you to take care of your own affairs

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On the other hand, a special or limited power of
attorney only authorizes certain actions that can
be made by the agent on behalf of the principal
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Durable Power of Attorney
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• A Durable Power of Attorney is a special type of
  instrument that either becomes effective when the
  principal becomes incompetent, or it remains in
  effect after that time

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This is different than a non-durable power of
attorney which would no longer be effective if
the principal becomes incapacitated
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Durable Power of Attorney for Healthcare
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• A Durable Power of Attorney
• for Healthcare is also known as an Advance Health
  Care Directive

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This legal instrument allows you to choose an
agent to make healthcare decisions on your behalf
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This includes deciding whether to consent to
medical treatment and whether to refuse medical
treatment, even in the case where death may result
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Benefits of a Power of Attorney
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• You can clearly define, ahead of time, how you
  require your financial affairs to be handled in
  the event you become incapacitated

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You will have peace of mind knowing that the
person you choose is the one who will ultimately
act on your behalf, instead of that person being
chosen by the court
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You Can Still Retain Control
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• When you give a Power of Attorney
• to someone, you do not give up your rights to
  manage your affairs in general

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You retain complete control over everything, even
after a Durable Power of Attorney has been signed
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The agent will act, or not act, at your
discretion
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You can always revoke the Power of Attorney at
any time, for any reason
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When Does a Power of Attorney End?
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• A Power of Attorney will end if a specific date
  for termination is indicated in the document
  itself

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A Power of Attorney will also terminate if either
the agent or the principal dies, or if the agent
resigns and there is no other agent specified to
take his or her place
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If you have a Durable Power of Attorney, and you
become incompetent, it can only be revoked by
the court
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The court can also revoke the power of attorney
if a petition is filed on your behalf alleging
that the agent has violated his or her duties
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Learn More About Power of Attorney in
Fayetteville Arkansas
Learn More About Power of Attorney in
Fayetteville Arkansas
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Learn More About Power of Attorney in
Fayetteville Arkansas
www.arkansas-estateplanning.com 479-443-0062