Power of Attorney in Arkansas - PowerPoint PPT Presentation

View by Category
About This Presentation
Title:

Power of Attorney in Arkansas

Description:

Understand the differences between the different types of power of attorney in Arkansas so you can be sure to execute the estate planning instrument that best fit your needs. – PowerPoint PPT presentation

Number of Views:165

less

Write a Comment
User Comments (0)
Transcript and Presenter's Notes

Title: Power of Attorney in Arkansas


1
POWER OF ATTORNEY
The Basics
2
  • A Power of Attorney is an
  • important estate planning tool

3
There are many different types
4
So, it is important to understand the differences
between them
5
What Is a Power of Attorney?
6
A POWER OF ATTORNEY is a legal document that
gives an agent power or authority to act on
behalf of the principal
7
  • Most commonly, a power of attorney is created in
    order to handle financial or medical needs

8
For example, when a senior requires assistance
in paying bills, managing bank accounts or any
other aspect of their finances, they can execute
a power of attorney
9
That way, the agent they choose can handle those
financial matters on their behalf
10
General vs. Specific
11
The key difference between a General Power of
Attorney and a Specific Power of Attorney is the
range of authority conveyed to the agents
12
  • Executing a general power of attorney is ideal in
    the event something happens that makes it
    difficult for you to take care of your own affairs

13
On the other hand, a special or limited power of
attorney only authorizes certain actions that can
be made by the agent on behalf of the principal
14
Durable Power of Attorney
15
  • A Durable Power of Attorney is a special type of
    instrument that either becomes effective when the
    principal becomes incompetent, or it remains in
    effect after that time

16
This is different than a non-durable power of
attorney which would no longer be effective if
the principal becomes incapacitated
17
Durable Power of Attorney for Healthcare
18
  • A Durable Power of Attorney
  • for Healthcare is also known as an Advance Health
    Care Directive

19
This legal instrument allows you to choose an
agent to make healthcare decisions on your behalf
20
This includes deciding whether to consent to
medical treatment and whether to refuse medical
treatment, even in the case where death may result
21
Benefits of a Power of Attorney
22
  • You can clearly define, ahead of time, how you
    require your financial affairs to be handled in
    the event you become incapacitated

1
23
You will have peace of mind knowing that the
person you choose is the one who will ultimately
act on your behalf, instead of that person being
chosen by the court
2
24
You Can Still Retain Control
25
  • When you give a Power of Attorney
  • to someone, you do not give up your rights to
    manage your affairs in general

26
You retain complete control over everything, even
after a Durable Power of Attorney has been signed
27
The agent will act, or not act, at your
discretion
28
You can always revoke the Power of Attorney at
any time, for any reason
29
When Does a Power of Attorney End?
30
  • A Power of Attorney will end if a specific date
    for termination is indicated in the document
    itself

31
A Power of Attorney will also terminate if either
the agent or the principal dies, or if the agent
resigns and there is no other agent specified to
take his or her place
32
If you have a Durable Power of Attorney, and you
become incompetent, it can only be revoked by
the court
33
The court can also revoke the power of attorney
if a petition is filed on your behalf alleging
that the agent has violated his or her duties
34
Learn More About Power of Attorney in
Fayetteville Arkansas
Learn More About Power of Attorney in
Fayetteville Arkansas
35
Learn More About Power of Attorney in
Fayetteville Arkansas
www.arkansas-estateplanning.com 479-443-0062
About PowerShow.com