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A Kentucky power of attorney is a legal document that provides authorization for a person, referred to as an agent or attorney-in-fact, to make financial decisions, healthcare decisions, real estate decisions, or estate decisions on behalf of the person granting this authority. A Kentucky POA is a tool often used for estate planning. However, it is often a useful tool in other instances.
Quick Reference:
The person granting permission is referred to as the principal, donor, or grantor.
The person receiving authorization is known as the agent or the attorney-in-fact.
A Kentucky power of attorney document must comply with the Kentucky Uniform Power of Attorney Act, which is found in Chapter 457 of the Kentucky Revised Statutes (KRS). This act specifically outlines the parameters of a legally enforceable power of attorney. It ensures that the form, as well as its duties, are protected under the law. Some of the requirements include:
It is also important to note that as of 2018 that Kentucky's adoption of the Uniform Power of Attorney Act requires the agent(s) to keep records for all monies received and disbursed on behalf of the principal. The adoption also created a time limit third-parties must follow if they wish to reject the POA as well as a list of reasons for which a POA may be rejected.
The principal has the right to specifically state which powers the agent may or may not exercise. The principal has the legal power to revoke (terminate) the power of attorney provided that they are competent. This includes a durable power of attorney. Additionally, the power of attorney is terminated when:
There are several reasons why someone would decide to use a Kentucky power of attorney document to give someone the authority to make decisions related to their tangible property, financial institution transactions, tax matters, or their well-being. Some of those reasons include:
Every person’s need for a power of attorney is different. While there are several different powers of attorney to choose from, you should seek legal advice before making a decision. This helps you know that you’ve chosen the best POA for your needs. You should also ask how to revoke a POA in the event it becomes necessary. Here are the most common Kentucky power of attorney forms.
General Power of Attorney
A general power of attorney grants an agent broad power on behalf of the principal, including the ability to handle the principal's finances.
Durable Power of Attorney
A durable power of attorney is an "extended version" of a general power of attorney because it goes beyond the parameters of a general power of attorney.
Limited Power of Attorney
A limited power of attorney grants limited power to whatever the principal specifies.
Medical Power of Attorney
A medical power of attorney is a POA that appoints a healthcare surrogate to make decisions related to medical treatment on behalf of the principal.
Minor Child Power of Attorney
A minor child power of attorney allows a parent or guardian to grant decision-making rights over their child to a temporary guardian in the case that the parent may not be present during a medical emergency.
Real Estate Power of Attorney
A real estate power of attorney grants power to the agent to buy, sell, and manage real estate on the principal’s behalf.
Tax Power of Attorney
A tax power of attorney allows the agent, generally a qualified individual such as an accountant, to prepare and submit tax information to the Department of Revenue on behalf of the principal.
Vehicle Power of Attorney
A vehicle power of attorney allows the agent to buy, sell, and handle the necessary paperwork with the Kentucky Transportation Cabinet on the principal's behalf.
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