Power of Attorney in Little Rock, AR
Have you ever wondered who would take care of your finances or make decisions for you if you were unable to do so for yourself? Don’t worry about leaving it up to whoever the law says has this right. Look into securing a power of attorney. This legal document can help you prepare for any situation where you may need someone else to make decisions for you. With the help of an attorney in Little Rock, Arkansas you can easily set one up and get peace of mind today.
What Is a Power of Attorney?
The American Bar Association defines power of attorney as a document that gives someone the power to act on your behalf as a legal agent. This authority can be either temporary or permanent. The result is that your designated agent can manage your affairs without your written approval.
Why Would You Need a Power of Attorney?
One of the reasons why you may pursue a POA is for convenience. For example, you may rather have someone manage your assets without securing your approval each time. Any Arkansas POA can circumvent checks and balance steps, and allow someone to act on your behalf.
Another reason for a POA is if you are unable to make legally sound decisions. A POA provides you with security, giving a person of your choosing the power to act for you. This arrangement is typical for senior citizens. It’s also common for people with severe physical or mental conditions that prevent them from making decisions.
Types of Power of Attorney In Little Rock, Arkansas
Not every POA grants the same powers to your agent. You can choose from a variety of different POAs. This allows you to cater to what best suits your situation.
General Power of Attorney
A general POA grants an array of powers to the agent. This can include:
- The ability to handle your financial matters and accounts
- Power to manage your insurance needs
- The ability to operate your business
- The ability to make business decisions on your behalf
- Power to hire or fire employees
- The ability to settle claims against you
- The ability to change your estate plan.
You may use this type of POA if you will be away for an extended period and need legal representation in Little Rock, AR to handle your affairs. This legal arrangement may happen during your absence. It may also occur in a situation where you cannot make the decisions on your own due to an illness or injury.
Special Power of Attorney
A special POA is more specific, giving you the power to sign off on distinct powers granted to your agent. For example, if you only want someone to sign off on real estate deals, a limited power of attorney would be proper. You may also choose to use a special POA when you don’t have the time to deal with specific affairs due to time or health constraints.
The Arkansas Statutory Form Power of Attorney (POA) allows you to customize the authority you grant to your agent. For example, you can include special areas such as real property, tangible personal property, insurance & annuities, banking, taxes, and retirement plans. In addition, you can expressly grant the authority to do certain tasks, including making a gift or creating or changing a beneficiary designation. For real estate transactions, you should file the POA with the Pulaski County Circuit Clerk’s Office.
Health Care Power of Attorney
A healthcare power of attorney (POA) gives your agent the authority to make medical decisions on your behalf, especially when you’re unable to do so due to unconsciousness or incapacity. Depending on state laws, your agent may even have the power to make critical decisions, such as whether to discontinue life support.
If you’re elderly or facing serious illness, setting up a healthcare POA can ensure that someone you trust can make decisions for you if you’re unable to. This arrangement can provide peace of mind, knowing that your care will be handled in your best interest by someone you trust, like a child or close relative.
Durable Power of Attorney
A durable power of attorney (DPOA), enables the agent to control specified functions. DPOAs are useful if you anticipate losing your mental faculties, such as after an Alzheimer’s diagnosis. In essence, it acts as a preventative safeguard.
A Little Rock power of attorney (POA) is presumed durable unless it expressly provides that it is terminated by the principal’s incapacity. In addition, the principal must sign before a notary public. If the principal is unable to sign, another person can sign the principal’s name in the presence of and at the direction of the principal. This signature must also be done before a notary public.
Choosing an Agent
The person you choose as an agent should be someone you trust. Often, people choose a family member as they usually have your best interests in mind and are close to you. However, you can select any individual to be your POA. Keep in mind that whoever you choose will be in charge of managing your affairs. This should be someone you trust to honor your wishes.
Appointing Multiple Agents
As a principal, in Little Rock, AR you have the right to appoint multiple agents. You decide whether these agents act together or make separate decisions. Having two or more agents establishes a system of checks and balances. This procedure keeps one agent from making too rash of a judgment. However, it can also lead to discrepancies that may cause delays.
At the very least, it is crucial to have a backup POA should something happen to your primary. A successor agent can take control once the primary agent either passes away or cannot carry out the duties of an agent.
Revoking a Power of Attorney in Little Rock, Arkansas
You have the right to revoke your power of attorney at any time, provided you are mentally competent to do so. To revoke it, you must submit a written notice and file it with the same office in Little Rock, AR that originally handled your POA paperwork.
If another party attempts to revoke your POA, the process becomes much more complex and difficult to prove in court. The person seeking the revocation would need to provide evidence that the agent has acted in a way that harms your interests.
Under Arkansas Code, only the principal or their legal representative can revoke a Little Rock power of attorney (POA). The revocation must be in writing and acknowledged by a notary public. Furthermore, you must file the revocation with the Pulaski Circuit/County Clerk’s Office. The POA is deemed void from the time the revocation is filed.
Using a POA to Protect Your Interests
You can insert provisions into your agreement that force your agent to report to an outside party. For example, a family accountant or a designated medical doctor could fill this role. This arrangement adds another layer of security and guarantees that another party can review decisions.
Arkansas law provides that a third party who refuses to accept a notarized power of attorney (POA) in Little Rock may be liable. Specifically, if the POA is substantially similar to the statutory form POA, the third party may be liable for reasonable attorney fees and costs. These are the costs incurred in proceedings to confirm the validity of the POA or to mandate its acceptance.
Do I Need a Lawyer to File POA in Little Rock, Arkansas?
It is always wise to consult with an attorney who specializes in Little Rock trust or estate issues. POA paperwork can be complex, so having a dedicated Little Rock legal professional on your side is helpful. A lawyer can also help you add provisions that safeguard your interests when you cannot look out for yourself.
Work with an Experienced Local Lawyer in Little Rock, Arkansas
If you want to create a power of attorney, you should begin by speaking with an attorney. We can match you with an experienced Little Rock lawyer that can help you navigate your POA. We can even help you connect with an attorney across Arkansas state lines.
Submit a request online or call us today at (866) 345-6784 to get in touch with an experienced lawyer in your area!
About the Author
Aaron is a professional legal writer with a B.S. in English Education from Southern Illinois University – Carbondale. He has written, published, and edited thousands of legal articles for RequestLegalHelp, which has connected over 5 million people to legal help in the United States.
With over five years of experience writing thousands of legal articles for law firms across the U.S. and Canada, Aaron specializes in covering federal, state, and city-level legal issues ranging from auto accidents to wrongful terminations.
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