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An Arkansas power of attorney implies that the power of attorney form complies with the requirements of Title 28, Chapter 68 of the Arkansas Code. The statue outlines these basic rules:
There are many reasons why someone would use an Arkansas power of attorney form to give authorization over their finances or wellbeing to a close friend or family member. Age, mental health challenges, and illness are common reasons why someone would want their affairs handled in specific ways, should anything unfortunate happen to them. When something unfortunate happens, it is often too late to delegate how a person wants their affairs handled. There are many horror stories where incapacitated individuals had none of their wishes met because they didn’t have any power of attorney forms in place. As no one knows what will happen tomorrow, it’s advised that everyone from the terminally ill to the perfectly healthy establish a power of attorney so their wishes are fulfilled, and their affairs are properly handled.
Granted, a person with a mental illness may require different power of attorney needs than a person with a terminal illness. Similarly, a person with dependent children will have different power of attorney needs than a single person with no children. Each person’s power of attorney needs vary. Thankfully, there are many types of power of attorney. Here are a few of the most common:
Durable Power of Attorney
A durable power of attorney is used to allow an agent to act on the behalf of the grantor in specified situations. The term "durable" comes from the fact that this authorization continues if the grantor were to become disabled or incapacitated.
General Power of Attorney
A general power of attorney grants a single individual to handle financial matters on behalf of the grantor. However this authorization would become null and void should the principal become incapacitated, or if he or she were to pass away.
Health Care Power of Attorney
A healthcare power of attorney grants power to the agent to make important health care decisions on the grantor’s behalf should he or she become incapacitated or unable to make such decisions. For instance, if the grantor were to suffer from Alzheimer's or dementia and not be one the right frame of mind to give medical consent for certain treatments.
Limited Power of Attorney
A limited power of attorney grants limited power to whatever the grantor specifies. In many cases, an agent will have power to handle finances, or make medical decisions, but will not have authority to do other things such as sell property (depending on what the grantor decides). Just like a special power of attorney, the authority diminishes if the grantor dies.
Parental Power of Attorney
This type of power of attorney allows a parent to grant decision-making rights over their child to a temporary guardian in the case that the parent may not be present during a medical emergency. This form is generally used if the parent must leave the country for a period of time.
Real Estate Power of Attorney
This form of power of attorney has the flexibility to be either durable or non-durable. It grants power to the agent, allowing them to buy, sell, and manage real estate on the grantor’s behalf.
Revocation of Power of Attorney
This form is used to end a current power of attorney form, thereby ending the grantor-agent relationship. This form only needs to be signed by the grantor, however, the grantor must be of sound mind to do so.
Tax Power of Attorney
This allows the agent, generally a qualified individual such as an accountant, to prepare and submit tax information to the Department of Revenue on behalf of the grantor.
Vehicle Power of Attorney
This allows the agent to buy, sell, and handle the necessary paperwork with the Arkansas Department of Motor Vehicles on the grantor’s behalf.