Power of Attorney in Helena, Arkansas
In Helena, Arkansas, power of attorney is an arrangement in which one person (the principal) gives another (the attorney-in-fact) the ability to act on the principal's behalf in specific situations, and under specific conditions. Power of attorney might be granted for any number of reasons, but it is most frequently set up to allow the attorney-in-fact to make financial and medical decisions on the principal's behalf in the event that the principal becomes incapacitated.
The principal in a power-of-attorney arrangement is the one who determines the scope of the power that the attorney will be able to wield, and the circumstances under which they can wield it. Generally, you can grant the attorney-in-fact as much or as little decision-making power as you'd like. In every case, however, you should only enter a power-of-attorney arrangement with somebody you trust. The nature of the power you should grant depends heavily on the context, and what your wishes are.
One very prevalent reason for granting power of attorney is that the grantor believes that they might become incapacitated, due to age or illness, in the relatively near future, and they want to make sure that their preferences relating to care at the end of their life are followed. Of course, if nobody knows what that person's preferences are, and the patient is unable to express them, family members and doctors will simply have to guess. Obviously, there's a good chance that they could get it wrong. Consequently, you should make your desires well-known to those who will be in a position to implement it, and grant, in writing, a person you trust (such as a spouse, life partner, sibling, or adult child) the power to carry out your wishes, if necessary.
In Helena, Arkansas, you can find pre-printed power-of-attorney forms in many office supply stores. If the agreement you want to create isn't very complex, these could be a viable and very affordable option. Of course, it never hurts to have a lawyer help.
Types of Power of Attorney Arrangements in Helena, Arkansas
Power of attorney in Helena, Arkansas takes 3 main forms. Which one is appropriate for you depends on your distinct situation. They are:
1. Limited power of attorney - this is the most limited form of power of attorney. It lets the attorney-in-fact exercise his or her power once, and in only one instance (laid out by the principal, of course). This is typically used in business deals, if it is not convenient for the actual party to a deal to be physically present for the signing of some documents, it can be done through an attorney-in-fact. You simply need to give them the power to sign the paperwork on your behalf, and it will be just as binding as if you had signed the documents yourself.
2. Durable power of attorney - this gives the attorney-in-fact much more power than limited power of attorney. It can, in theory, give them unlimited power in a particular area of the principal's affairs. The document should lay out precisely what power the attorney-in-fact will wield. This arrangement, when used carefully, can be very useful, authorizing the attorney-in-fact to make important decisions for the principal as long as is necessary, because it does not automatically disappear after a single transaction. Additionally, the principal can revoke the power of attorney at any time.
3. Springing power of attorney - springing power of attorney is much like durable power of attorney, with one key difference: the power only takes effect upon the happening of a specific event. The principal is free to set whatever conditions they like in this arrangement, no matter how outlandish. Of course, in most cases, the setup is much more practical. A typical arrangement grants a close friend or family member to make certain decisions for someone else, but only if that person becomes unable to make them himself.
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Can a Helena, Arkansas Lawyer Help?
Setting up a power of attorney arrangement in Helena, Arkansas can be easy, but it can also be very intricate. It just depends on what you're trying to do. However, if you are at all unsure about how to proceed, it would probably be a good idea to have an attorney draft the agreement for you.