Estate planning is often seen by prospective clients as an intimidating activity, but it is vitally important for every citizen to create an estate plan so they can help their loved ones. A durable power of attorney is one of the most important components of an estate plan in Arkansas.
Understanding the Durable Power of Attorney
Essentially, the power of attorney provides the named individual as attorney-in-fact the power to act as if she were the person who created the power of attorney. This person is also known as the principal.
A durable power of attorney for healthcare provides the named individual with the authority to make decisions regarding the withdrawal or withholding of lifesaving medical treatment. A durable power of attorney for financial reasons provides the attorney-in-fact with the power to control the principal’s investments, securities, safe deposit boxes, and checking accounts.
A general power of attorney provides the grantee with the power to perform any financial transaction on behalf of the principal. However, a general power of attorney will be deemed invalid if the principal is mentally incapacitated and cannot make their own decisions.
It is possible for the principal to revoke the power of attorney. This option provides the principal with the freedom to draft new documents and change their mind regarding who will have the power to make decisions for them after their death.
The Reasons For Creating a Durable Power of Attorney in Arkansas
Estate planning attorneys will inform clients about the uses and benefits of a durable power of attorney. Typically, individuals want to create a durable power of attorney in case they lose the ability to make decisions for themselves regarding their medical treatment. A principal may want to know that if they lose the mental capacity to make decisions for themselves that someone will be there to make those decisions for them.
Oftentimes the principal is suffering from a medical problem that affects their cognition and memory such as Alzheimer’s or dementia. Also, some individuals who are physically disabled will create a durable power of attorney. If you want to learn more about forming a durable power of attorney, then you should reach out to a knowledgeable estate planning lawyer in Arkansas.
It is also important to have a power of attorney in existence in case you suffer mental incapacity if you suffer injuries during an accident. Unfortunately, accidents may occur unexpectedly, and it is necessary to focus on what you can do to ensure that you have a mechanism in place that will guide those who need to make decisions regarding your medical treatment.
Contact L. Jennings Law Today to Learn More About Effective Estate Planning Practices
If you want to learn more about the reasons many prospective clients create a durable power of attorney, contact L. Jennings Law today to schedule a free consultation. Estate planning is complex, and it will benefit both you and your family members if you speak to an experienced estate planning attorney in Little Rock, Arkansas. Reach out to us today if you want to learn more about your legal rights and different solutions for end-of-life medical care.