Arkansas Power of Attorney
Are you wondering which type of Arkansas power of attorney you need? There is one for every occasion, so your particular needs are going to determine the type that is right for you. Chances are pretty good that, when you decide, Legal Zoom will have the correct form. And the best part is, they are open 24/7.
If you are going oversees on vacation a general power of attorney is probably what you need. This should give your agent, the person you have chosen and trust, the power to make all the necessary decisions on your behalf in your absence. This would include filing taxes, making bank deposits and signing contracts. Anytime you are leaving the country it is wise to leave someone in charge, even if you are sure everything is taken care of until your return.
Maybe you are about to loan a friend some money, and are going to hold his vehicle title as collateral. Along with the title, get an Arkansas vehicle power of attorney, giving you the right to sign the title for this person should they default on the loan. This would be known as a special power of attorney, as it has very limited powers.
In Arkansas the person you choose to handle your affairs for you is called an "Agent". If your agent is your spouse be sure to change your power of attorneys should you ever get divorced. While in many states your power of attorneys are automatically void when the divorce is final, not so in Arkansas. This is an often forgotten matter needing immediate attention. Dig up those old papers and void them, you may write new ones when you have the time. Also in Arkansas, power of attorneys become void if you become mentally incapacitated. Your power of attorney must be designated "durable" to carry on in the event you have lost your mental capacity to make decisions.
It is these durable power of attorneys your estate planner is going to want you to have. If you have been working with a Arkansas estate planning
attorney you probably already have a durable financial power of attorney and a durable metical power of attorney. These are just documents giving your agent the power to make your medical and financial decisions for you, during a time when you are unable to. We may all be able to foresee old age, and feel we have plenty of time to create these documents. Accidents cannot be foreseen and you cannot write a power of attorney if you are mentally incapacitated. It is much better to be prepared.
A general power of attorney if very similar to a financial power of attorney and are sometimes interchangeable. If it is part of your estate plan make sure it is a durable power of attorney. While these forms are easy to obtain, fill out and have notarized, you may still want the help of an attorney to prepare your Arkansas power of attorneys.
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