It is important for you and your loved ones to prepare a power of attorney document in case of a debilitating illness or injury that causes incapacitation. This document allows someone to manage your personal and financial affairs and handle important documents. In Kentucky, this is called “durable power of attorney.” If someone wants to grant you power of attorney in Kentucky, they must prepare a document granting you this right.
Schedule a conversation with the person, also called a principal, who wants to grant you power of attorney to discuss the specifics of what the document should contain. If you have low-income status, you can obtain free assistance on how to draft the document from the Legal Aid Network of Kentucky. Banks, hospitals and some churches may also provide free power of attorney forms.
Read More: Does a Power of Attorney Require Notarization?
Discuss when you will be granted power of attorney with the principal. Make sure that the document specifies the conditions that lead to power of attorney becoming effective.
Review the power of attorney document created by the principal. It should contain the full name of the principal, his Social Security number, a list of personal and financial assets, your full name, your address and your phone number. It should list the duties granted to you and state that you have full authority to perform them on the principal’s behalf. The document should also contain a clause specifying that you agree to the listed duties.
Sign the document in the presence of the principal and a notary public. Once you have acquired power of attorney privileges, you are considered the “attorney-in-fact” for the principal.
Obtain a copy of the power of attorney document. An attorney should also have a copy and the originals. Additional copies should be kept in a safe place such as a portable fireproof box or a safe deposit box.
You are bound by Kentucky state law to act in good faith on behalf of the person granting you access to their assets.
Lauren Miller has more than 10 years of experience as a writer and editor. Her articles on technology, small business and legal topics have appeared in magazines, newspapers and trade journals. She has a Bachelor of Arts in philosophy and is an avid gardener and sports fan.