Power of attorney (POA) is an important legal document that allows the principal to appoint an agent to act on his/her behalf in certain conditions as specified in the document. It gives the agent access to information privy only to principal and powers to take decisions in the principal’s name. Power of attorney form Kentucky is of various kinds namely medical, vehicle, limited, and more.
Under the chapter 457 of Kentucky Revised Statutes, the state has outlined the necessary stipulations for drawing up a POA. The state implements parts of the uniform power of attorney act drafted in 2016 by the Uniform Law Commission.
What's Covered in a Kentucky Power of Attorney?
The new draft provides guidance for the following items:
Execution of the POA
The POA must be signed by both the parties in the presence of two disinterested witnesses along with a notary public.
Durability of the POA
Under the new set of rules, a POA is durable until and unless specified otherwise in the document.
Compensation for the agent
The law now stipulates that an agent is entitled for a compensation by default. If the principal does not wish to provide compensation, the same must be explicitly outlined in the document.
If there are two agents appointed by the principal, they both can act independent of each other unless specified otherwise.
Types of Power of Attorney in Kentucky
Under the laws of State of Kentucky, there are several types of free printable Kentucky power of attorney forms as follows:
This is drawn by the principal to appoint an agent to make all decisions regarding financial matters on behalf of the principal. This type of POA is terminated when the principal is incapacitated.
Similar to the General POA, this allows the Agent to make all types of financial decisions towards the benefits of the principal. Durable POA either comes into effect upon the Principal’s incapacitation or is continued even after the principal is not of sound body and mind.
This type of Kentucky power of attorney grants the agent certain specific powers for a limited period. Upon completion of the task, the POA becomes ineffective.
This is drawn to designate an agent or a “patient advocate” who is responsible for making all healthcare related decisions for the incapacitated principal.
Minor Child Guardianship POA
In case the parent of a minor is supposed to travel for a long duration w.r.t. education, work, etc. s/he can draw the minor child guardianship POA to appoint an agent as a guardian.
Real Estate POA
This POA allows the principal to appoint an agent to make all decisions related to real estate on the principal’s behalf.
This allows the agent to manage and act in all matters related to taxation with the Department of Treasury on the principal’s behalf.
Vehicle/Boat/Mobile Home POA
The vehicle POA form in the state of Kentucky also known as TC-96-336 gives authority to an Agent to purchase/sell any vehicle on behalf of the Principal.
Revocation of POA
This form is used to cancel any existing POA created in the state of Kentucky. The completed form is to be sent to all concerned parties.
Why Would You Use a Kentucky Power of Attorney Form?
The principal can draw a power of attorney for any number of uses according to his/her prerequisite. The Kentucky power of attorney forms can be drawn for the following purposes:
- Financial matters
- Healthcare matters
- General POA
- Real estate matter
- Matters concerning a minor child
- Vehicle related matters
- Tax related matters
What are the Power of Attorney Requirements in Kentucky?
Creating a POA document in the state of Kentucky requires the following stipulations to be met:
- Duly filled POA forms with all necessary details pertaining to the Principal and the Agent.
- The form must list down all the powers that the Principal wishes to pass on to the Agent with proper clarity. The Principal can also note down the limitations for the Agent.
- The final form, completed in all aspects, has to be then signed by both the Principal and the Agent in presence of two credible witnesses and a notary public. The signed form is then notarized to make it legal.
If you wish to draw or create a power of attorney Kentucky, you can download the required form from CocoSign.
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