How to Get Power of Attorney in Arkansas
Understanding the importance of power of attorney is crucial for individuals in Arkansas who wish to ensure their legal and financial affairs are managed effectively in case of incapacity. Power of attorney (POA) is a legal document that grants someone the authority to act on behalf of another person, known as the principal. This article will guide you through the process of obtaining power of attorney in Arkansas, ensuring that you are well-informed and prepared to make this important decision.
1. Determine the Type of Power of Attorney
Arkansas recognizes several types of power of attorney, including general, durable, and limited. It is essential to understand the differences between these types to determine which one suits your needs. A general POA grants broad authority to the agent, while a durable POA remains effective even if the principal becomes incapacitated. Limited POA, on the other hand, grants specific authority for specific tasks or transactions.
2. Choose an Agent
Selecting a trustworthy and reliable person to act as your agent is crucial. This person should be someone you trust to make decisions on your behalf and have the necessary knowledge and experience to handle your affairs. It is advisable to discuss your decision with the person you choose and ensure they are willing to take on this responsibility.
3. Consult with an Attorney
While it is not mandatory to hire an attorney to draft a power of attorney, it is highly recommended. An attorney can help you understand the legal implications of the document and ensure that it is properly drafted to meet your specific needs. They can also provide guidance on any additional considerations, such as naming a successor agent or specifying the scope of the agent’s authority.
4. Draft the Power of Attorney
Once you have determined the type of POA and chosen an agent, you can proceed to draft the document. The Arkansas Code provides a statutory form for power of attorney, which you can use as a template. Ensure that you include the following information:
- Name and address of the principal
- Name and address of the agent
- Specific powers granted to the agent
- Duration of the POA
- Signature of the principal and two witnesses
5. Notarize the Document
In Arkansas, it is advisable to notarize the power of attorney document. This process involves having a notary public witness the principal’s signature and the signatures of the witnesses. Notarization adds an extra layer of authenticity to the document and can be beneficial if it needs to be presented in court or to a third party.
6. Store the Document Safely
Once the power of attorney document is drafted and notarized, it is essential to store it in a safe and accessible location. Make sure that your agent is aware of its existence and can easily locate it when needed. It is also advisable to keep a copy of the document with your attorney or in a secure online storage service.
7. Review and Update the POA
As your life circumstances change, it is important to review and update your power of attorney document accordingly. This may include changing the agent, modifying the scope of authority, or extending the duration of the POA. Regularly reviewing and updating your POA ensures that it remains relevant and effective.
By following these steps, you can obtain power of attorney in Arkansas and ensure that your legal and financial affairs are managed effectively in case of incapacity. Remember to consult with an attorney and seek guidance throughout the process to ensure that your POA meets your specific needs.
