A power of attorney in Fayetteville Arkansas is a legal instrument giving someone the authority to act on behalf of someone else. In Arkansas, the person executing the document is referred to as the “principal” and the person chosen to act on the principal’s behalf is referred to as the “agent” or “attorney-in-fact.” Powers of attorney are commonly created for the purpose of handling financial, medical or other legal needs. A common example would be a power of attorney granting the agent the authority to pay bills or manage bank accounts.
How a power of attorney is set up is critical if you want this legal instrument to operate the way it should. In order to ensure that the document is valid and that the agent actually possesses all of the power you need to bestow, certain formalities must be fulfilled. Arkansas provides different execution options depending on the type of power the grantor intends to convey.
Notarizing the Power of Attorney in Fayetteville Arkansas
After the power of attorney has been created, it must be signed by you . If you have your power of attorney notarized, then your signature will be presumed to be genuine.
How do I make sure my power of attorney is not ignored?
Some people had problems with banks or other financial institutions refusing to recognize the authority their agent pursuant to a power of attorney. That is because banks are sometimes reluctant to acknowledge a power of attorney for fear of a lawsuit if it turns out the power of attorney is not valid. That is understandable. However, under the Uniform Power of Attorney Act, a person presented with a power of attorney as described by the Act is required to accept it or request a certification, translation or opinion of counsel. They are not permitted, under the Act, to make you use a separate form if you already have a power of attorney under the Act.
Are the requirements the same for revoking a power of attorney?
Revocation of a power of attorney should also be in writing and notarized. That way, there will be no dispute that the revocation is valid. There is no specific language required. The written revocation should include your name, the statement that you are of “sound mind,” and that you wish to revoke the existing power of attorney. Your revocation can also include the date of execution of the original power of attorney and identify the agent that was chosen, if you wish.
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