AR HB1518

Amends Arkansas Code § 28-68-201(a)(1) to allow agents under a power of attorney to create, amend, revoke, or terminate inter vivos trusts when expressly authorized.

Updates the statutory form power of attorney to include trust creation as a specific authority that requires the principal's initials to grant, with a caution that such authority could significantly reduce property or change distribution at death.

Adds a new method of creating trusts in Arkansas Code § 28-73-401 by allowing an agent under a power of attorney to create a trust if the power of attorney expressly grants that authority.

Establishes in Arkansas Code § 28-73-402 that a trust created by an agent under a power of attorney is valid if the trust was created by an authorized agent and the settlor had the capacity to create a trust when executing the power of attorney.

Modifies Arkansas Code § 28-73-601 to permit agents to create, amend, revoke, or add property to revocable trusts if the power of attorney expressly grants the authority and the settlor had capacity to take such action when executing the power of attorney.