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A power of attorney and a guardianship are tools that help someone act in your stead if you become incapacitated. With a power of attorney, you choose who you want to act for you. In a guardianship proceeding, the court chooses who will act as guardian.
You can revoke a power of attorney by giving written notice to the attorney-in-fact. You should also file a copy of the letter with the court revoking the power of attorney. It is a good idea to give notice to any banks, brokerages, or other places where the attorney-in-fact conducted normal business on your behalf.
Powers of Attorney created under Arkansas law on or after January 1, 2012, are automatically durable unless is specifically states that it is terminated by the incapacity of the principle.
The specific rules and restrictions vary by state; however, in Arkansas, your Power of Attorney must be acknowledged by a notary public or signed by two witnesses. At least one witness to this PoA must be someone who is not a relative, spouse, adoptee, heir, or any other beneficiary.
The power of attorney document gives someone the authority to act on your behalf on matters you list in the document. The power can be specific to a certain task or cover many duties, including financial and medical.
An Arkansas revocation of power of attorney form can be used to cancel a power of attorney granted to an agent. This revocation form can be used for any power of attorney that you may have granted including a financial power of attorney, a limited power of attorney, or a health care power of attorney.
Notarization Requirement While Arkansas does not technically require you to get your POA notarized, notarization is very strongly recommended. Under Arkansas law, when you sign your POA in the presence of a notary public, your signature is presumed to be genuine?meaning your POA is more ironclad.
For most people, the best option is to have a general durable power of attorney because it gives your agent broad powers that will remain in effect if you lose the ability to handle your own finances. An attorney can customize a general POA to limit powers even more?or add powers, Berkley says.