![]() If the Arkansas Principal is responsible for the operation of a Business Entity and wishes to grant his or her Agent the same authority over such an Entity that he or she possesses then the appropriate list item must be initialed by the Arkansas Principal. The Arkansas Principal can expect his or her decisions with banks and financial institutions to be carried out or made by the Agent so long as the fifth topic is initialed by the Arkansas Principal. (15) Banks And Other Financial Institutions. ![]() The Attorney-in-Fact can be granted the same authority (held by the Principal) over commodities and options by initialing the fourth item. The ability to decide over stocks and bonds using the name of the Arkansas Principal can be granted to the Agent once the Arkansas Principal initials the third item. If the Arkansas Principal intends to grant his or her authority over his or her (physical) property then he or she must initial the second list item. The second topic of this list will enable the Agent to engage in decisions and actions over the Arkansas Principal’s physical personal property (not real estate). The Arkansas Principal will need to directly approve of the Agent’s ability to represent or make principal decisions over real estate (or Real Property) by initialing the first item in the list of general authority topics. (10) Second Successor Agent’s Telephone Number. A Second Successor can be designated to take over the Primary Agent or Attorney-in-Fact role should it become vacant and the First Successor Agent does not fill it. Only the Successor Agent named in this paperwork can take over the Primary Agent role if it becomes vacant. Furnish the full name of the Arkansas Successor Agent to take advantage of this precaution. Therefore, as a cautionary measure, this document can automatically appoint a Successor Attorney-in-Fact or Successor Agent to step up to the Primary Arkansas Agent (Attorney-in-Fact) role when the original Agent is dismissed, removes himself or herself, or becomes unreliable. In any case, any of the financial matters requiring the Attorney-in-Fact attention may suffer during such a scenario. This may be the result of the Attorney-in-Fact scheduling conflicts, shift in attitude, or having his or her powers revoked by the Principal. A scenario where the Attorney-in-Fact or Agent above is unavailable to represent the Principal may occur. Record the full name of the Agent or the Attorney-in-Fact who will be able to access the principal power in this document to make decisions for the Arkansas Principal.ĭesignation Of Successor Agent(s) (Optional) Identify the Arkansas Principal granting such authority to an Agent or Attorney-in-Fact. The Arkansas Principal is the individual designating an Agent to make decisions and effect actions in his or her name. How to Writeĭownload: PDF, MS Word, OpenDocument Designation Of Agent ![]() Statutory FormĪrkansas does have a statutory form located at § 28-68-301 of the Arkansas Code. ![]() ![]() If the agent signs the optional Agent Certification, it must also be notarized ( § 28-68-105, § 28-68-302). The principal’s signature must be signed in the presence of a notary public. “Power of attorney” means a writing or other record that grants authority to an agent to act in the place of the principal, whether or not the term power of attorney is used ( § 28-68-102(7)). “Durable,” with respect to a power of attorney, means not terminated by the principal’s incapacity ( § 28-68-102(2)). Title 28, Subtitle 5, Chapter 68 (Uniform Power of Attorney Act) Definition of “Durable” If the principal is incapacitated, the only way to terminate is to claim gross negligence by the agent and to seek a court injunction. The form can only be terminated by the principal signing a revocation or upon their death. The term “durable” means the principal’s incapacity will not void the agent’s powers. An Arkansas durable statutory power of attorney form allows a principal to nominate a spouse or trusted relative (“agent”) to handle their financials during their lifetime. ![]()
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