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Arkansas Durable (Financial) Power of Attorney Form

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Durable Power of Attorney in Arkansas is a form that allows the principal to confer on a trusted relative or friend (the “agent”) the power to handle his or her financial affairs either in the event of incapacity or immediately, depending on which option is chosen. It is “durable” which means, the principal’s incapacity will not void the document. The durable power of attorney is a legal document granting legal authority to your agent to perform tasks on your behalf. It is important that you make sure that your agent is someone you trust.

Laws – § 28-68-301


Health Care Power of Attorney – A Health Care Power of Attorney provides the principal with the ability to select a trusted representative to make healthcare choices for their benefit once they’ve become incapacitated.

How to Write

1 – Download This Form As A PDF, ODT, or Word

The Arkansas Durable Financial Power of Attorney may be obtained through the buttons below the form image on this page. Generally, it is recommended to fill this form out on screen with the appropriate program then, print multiple copies for the Signing.

2 – Supply The Document’s Groundwork

The first paragraph will require some information regarding the Identity and Location of the parties involved with this document. The first required piece of information will be the Full Name of the Principal. The next empty space requires the Principal’s City to be documented.Report Principal’s State on the third empty line in this paragraph.The next piece of information will revolve around the Attorney-In-Fact. Begin by entering the Full Name of the Attorney-In-Fact after the phrase “…hereby designate.”The City and State where the Attorney-In-Fact resides should be supplied on the next two spaces

 

3 – The Date Of Effect

The next area, “Effective Date,” will allow the Principal to define when the Authority being bestowed on the Attorney-In-Fact should be assumed by that entity. This definition may be provided simply with the Initials of the Principal being supplied (by the Principal) on the blank line associated with the appropriate paragraph.

If the Authority defined in this document should be transferred the moment it is Signed by the Principal and Attorney-In-Fact, then select Choice A. If it should only be transferred when a Physician has determined a Principal to be incapacitated and therefore unable to live up to his or her responsibilities regarding the subject matter that will be defined here, the Principal should Initial Choice B.

4 – Specifying Attorney-In-Fact Authority

Several areas will be defined where the Principal may easily transfer or bestow Principal Authority to the Attorney-In-Fact listed above. Each paragraph will have a blank line preceding it. Here, the Principal must Initial each paragraph defining the type of Authority he or she needs or wishes the Attorney-In-Fact to have Power in. Any paragraph here not bearing the Initials of the Principal will not apply to the Authority the Attorney-In-Fact will possess.

The Principal must initial the first paragraph if he or she wishes to bestow Decision Making Powers in Banking Matters to the Attorney-In-Fact. The Principal must initial the second paragraph, if he or she desires the Attorney-In-Fact to have access and authority to all his or her Safe Deposit BoxesThe Principal must initial the third paragraph, if he or she desires the Attorney-In-Fact to have Decision Making Powers in Lending or Borrowing Principal Assets or Monies.The Principal must initial the fourth paragraph if he or she desires the Attorney-In-Fact to have Authority over the Principal’s Government Benefits. The Principal must initial the fifth paragraph to give the Attorney-In-Fact Authority over his or her Retirement Plan.The Principal must initial the sixth paragraph to grant the Attorney-In-Fact Principal Authority regarding his or her Taxes.The Principal must Initial the seventh paragraph if he or she expects the Attorney-In-Fact to assume Authority regarding the Principal’s Insurance.The Principal must Initial the eighth paragraph to grant Principal Authority regarding Real Estate to the Attorney-In-Fact.The Principal must Initial the ninth paragraph so the Attorney-In-Fact may have Principal Authority regarding the Principal’s Personal Property.The Principal may wish the Attorney-In-Fact to have Principal Decision Making Powers to Manage Property by marking the tenth paragraph.The Principal must Initial the “Gifts” paragraph in order to grant the Attorney-In-Fact Authority in terms gifting and other transfers falling under this category.The Principal must initial the twelfth paragraph, “Legal Advice and Proceedings,” to grant the Attorney-In-Fact powers over such matters.If the Principal wishes to extend, restrict, or even define new Powers to the Attorney-In-Fact, he or she may make such distinctions using the blank lines in the “Special Instructions” paragraph.

6 – Verifying the Intent and Consent of the Principal

The last areas of this document will all be concerned with verifying the Principal has legally consented to the intention behind this document.

First the Principal must fill in the Signature Date in the last statement (beginning with “In Witness…”). Once this is done the Principal must Sign the blank space directly below the words “executed this Financial Power of Attorney.”The next page will require the Signature and Addresses of two Witnesses who are physically viewing the Principal Signature.The Principal and Witness Signatures will have to be Notarized by the Notary Public providing the Notarization Seal. This may only be done in the area following the words “On this…” at the bottom of the page.

The next page requires the Full Name of the Attorney-In-Fact to be documented on the blank space in the paragraph labeled “Specimen Signature and Acceptance of Appointment.” The Attorney-In-Fact must provide a Signature below this paragraph.

There will be a separate area for the Notary Public to verify the Attorney-In-Fact Signature as well.

Make sure to have copies made of the signed document and placed in a safe place where your trusted family and agent can find them if needed. You may want to inform your financial institution that you have a power of attorney in effect.


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