SB887 Summary

• Creates the Uniform Power of Attorney Act, establishing a comprehensive legal framework for powers of attorney in Arkansas effective January 1, 2012, replacing prior law.

• Designates powers of attorney as durable by default (surviving principal's incapacity) unless expressly stated otherwise, and requires only a principal's signature or notarized acknowledgment for validity.

• Defines agent duties including acting in principal's best interest, maintaining loyalty, keeping records, and limiting authority without express written grant for sensitive actions like making gifts or amending trusts.

• Provides statutory form templates with specific agent authority categories (real property, banking, taxes, retirement plans, etc.) that agents can exercise only when explicitly authorized and initialed by principal.

• Establishes agent liability for violations, allows third parties to rely on acknowledged powers of attorney in good faith, and requires acceptance or rejection of statutory forms within seven business days.