Power of Attorney Lawyer in Fayetteville & Fort Smith, Arkansas
Life is unpredictable. You never know when an emergency or crisis might leave you incapacitated and unable to make decisions for yourself. In such cases, having a Power of Attorney (POA) in place can be a true lifesaver.
According to the American Bar Association, "If you do not have a Power of Attorney and become unable to manage your personal or business affairs, it may become necessary for a court to appoint one or more people to act for you." Do you really want someone you didn't personally pick to be managing your affairs? Chances are you probably don't.
Drafting a Power of Attorney, though, isn't something you should do alone. That's where Bond Law Office comes in. As a Power of Attorney lawyer, Attorney Bond is ready to help you and your family when you need it the most.
With locations in Fayetteville and Fort Smith, Arkansas—and serving neighboring areas like the Arkansas River Valley, Harrison, and Eureka Springs—Bond Law Office can help you navigate the complexities of estate planning and ensure that you retain your autonomy. Set up a one-on-one consultation today.
What Is a Power of Attorney?
A Power of Attorney is a legal document that grants someone else the authority to make decisions on your behalf. This person, known as your "attorney-in-fact," can manage your personal finances, make healthcare decisions, or even run your business if you're unable to.
Without a Power of Attorney in place, your family members may have to petition a court to appoint a guardian or conservator. This can be a time-consuming and costly process, and it doesn't guarantee that the court will appoint someone you trust.
Types of Powers of Attorney
Let's take a closer look at the different types of powers of attorney under Arkansas law.
A general POA gives someone else the authority to act on your behalf in all matters, including financial and legal decisions.
However, this power ends if you become incapacitated or die. A general Power of Attorney is a useful tool to have if you're traveling out of the country or cannot attend to important matters on your own.
A durable Power of Attorney gives someone else the same powers as a general POA but remains in effect even if you become incapacitated. This means that the person you appoint as your agent/attorney-in-fact can continue to manage your affairs and make important decisions on your behalf.
A durable Power of Attorney is an essential document in your estate plan as it ensures that your wishes will be carried out even if you become mentally or physically incapable of making decisions for yourself.
A limited Power of Attorney gives someone else the authority to act only in specific circumstances, such as managing a real estate transaction or signing a legal document.
The power granted is limited to a specific purpose or period and ceases to be valid once that purpose is fulfilled or the designated time elapses.
Why Are Powers of Attorney Important?
The key reason why a Power of Attorney is so important is that it can help you plan for the future. No one knows what tomorrow may bring, and accidents or illnesses can occur without warning.
By appointing an agent to make decisions on your behalf, you can rest easy knowing that you have someone who can look after your best interests even if you are unable to do so yourself.
Not only that, but if you have a family, the thought of leaving them without proper legal protections can be devastating. Power of attorney lawyers can help you create a document that ensures your loved ones are protected in the event that you are unable to make decisions for yourself. Knowing that your family is taken care of can provide peace of mind and help you focus on recovering from any hardships you may face in the present.
Considerations When Choosing an Agent
Keep in mind that when you appoint an agent through a Power of Attorney document, you are essentially giving them the authority to act on your behalf. A Power of Attorney lawyer can help you create a document that clearly outlines your wishes and ensures that your agent understands their responsibilities.
A Power of Attorney agent must have a good understanding of the legal and financial matters involved in managing your affairs. Therefore, you need to make sure your agent has the necessary qualifications to handle your affairs effectively.
Your Power of Attorney agent should be someone you trust implicitly, with no doubt in your mind that they will act in your best interest. You should take the time to think carefully about who is best suited for this role. Look for someone with a reputation for honesty, integrity, and accountability, and who you know well enough to trust with your financial and legal affairs.
Power of Attorney Lawyer Serving Fayetteville & Fort Smith, Arkansas
At Bond Law Office, we understand the complexity of these kinds of decisions. But we also know that these decisions are too important to make alone. Bond Law Office has a team of dedicated professionals who will stand by your side every step of the way. Our attorney is well-versed in all aspects of Power of Attorney and will work hard to create a customized solution for your needs. If you're in Fayetteville or Fort Smith (or any of the surrounding areas), give us a call today.