Age, illness or an untimely accident could make it impossible for anyone to control his or her finances. In Arkansas, through a document called the Arkansas Financial Power of Attorney, it is possible to name a person, who is called your Agent, to pay your bills, deal with banks and government agencies and handle money matters of all sorts on your behalf. The chosen individual needn’t be an actual attorney, and in fact, seldom is. The key criteria are honesty, reliability and common sense. It is also important for the agent to know you and your core values very well, because he or she will be making some very important decisions for you. It is also useful for the agent to live close by, because it will often be necessary to deal with local individuals face-to-face.
The power of attorney can be drafted so as to take effect immediately. If so, it should be specified as durable, or it ends automatically if the doctor ever does have to certify that you have become incapacitated. More commonly, a “Springing”, durable power of attorney is opted for, which only takes effect once incapacity occurs.
If you designate your spouse as your agent, the power of attorney is abrogated upon divorce. A court can invalidate it on rare occasions, and you, yourself can terminate it any time as long as the court considers you to be mentally competent to do so. The chosen agent may turn out to be not available to serve, so it is important to designate an alternative agent.
All forms must be signed with at least two (2) witnesses present and are in accordance with the law stated in Title 28 – Wills, Estates, and Fiduciary Relationships > Subtitle 5 – Fiduciary Relationships > Chapter 68 – Powers Of Attorney.
The most popular type of power of attorney in Arkansas. The durable statutory form allows for a person to let someone else take care of all financial related responsibilities. The “durable” functionality allows a person to still be able to make monetary transactions even if the principal should become in a state of mental incapacity. The document must be authorized with at least two (2)…
Grant the full rights for someone else to handle all your financial responsibilities by filling in this form and signing with at least two (2) witnesses (must be at least eighteen (18) years of age) or in front of a notary public. General power of attorney forms allow for a person to handle any type of legal financially related transaction in Arkansas but becomes void if the…
If you are the parent of a minor child you may select a family member to act as the agent to care of all medical and school/education decisions. The term must be for a fixed date and at cannot exceed six (6) months before it must be renewed if the arrangement is to stay in place. Unlike other power of attorney documents in Arkansas, this…
Arkansas limited power of attorney permits someone to choose another to take care of a specific financial act or obligation on his or her behalf. The action can be anything from cashing a check to purchasing real estate. Most limited power of attorney documents becomes void after completion of the act or after a fixed time period.
You will want your wishes to be carried out in the choices for health care in the event you become unable to competently voice your own preferences. Under Arkansas law, the way to do so is through a Living Will along with a Durable Power of Attorney for Health Care. It is with the Living Will that you make your wishes known about what types…
Select a representative to file taxes on your behalf in Arkansas. Remember that you are still liable for the taxes filed even if it is a licensed accountant filing in your best interest.
Choose an agent to handle the registration, titling, or the transfer of any type of motor vehicle in Arkansas. If transferring (purchase and sale) the vehicle it must be accompanied by one of the following bill of sale forms; Standard Tax Credit The registration and title application must be attached to this power of attorney is it will be used at a DMV Office Location….
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