Kentucky Durable (Statutory) Power of Attorney Form

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A Kentucky statutory power of attorney form provides a method by which a person can transfer their authority to conduct financial acts to another person. The person transferring the power is known as the “principal” while the person who is receiving the authority to act is called the “agent” or “attorney-in-fact”. This form is called “durable” because the authority granted to the agent continues even if the principal loses their mental or physical capabilities.

Table of Contents

Laws

Kentucky Revised Statutes Chapter 457 (Uniform Power of Attorney Act)

Definition of “Durable”

“Durable,” with respect to a power of attorney, means not terminated by the principal’s incapacity (457.020(2)).

Definition of “Power of Attorney”

“Power of attorney” means a writing or other record that grants authority to an agent to act in the place of the principal, whether or not the term power of attorney is used ((457.020(7)).

Signing Requirements

The principal will be required to sign in the presence of a notary public. If the agent signs the optional Agent Certification then it will need to be acknowledged before a notary public (§ 457.050, § 457.430).

Statutory Form

The Kentucky Legislature has provided a sample statutory form to create a power of attorney at § 457.420.

How to Write

Download in Adobe PDF, MS Word (.docx), OpenDocument (.odt).

Kentucky Declaration

(1) Principal Name And Location. The Kentucky Party issuing this document to grant his or her authority over one or more matters must be named as the Principal. Additionally, his or her city and state must be listed.

(2) Attorney-in-Fact Name And Location. The name of the Agent chosen by the Principal as the Attorney-in-Fact being must be documented with his or her city and state.

Effective Date

(3) Activating Powers. The Principal can either put these powers in effect upon signing (after which they will remain in place even through his or her incapacity) or hold the appointment of power until he or she becomes incapacitated so that the Attorney-in-Fact automatically gains access to principal authority only when a Physician has diagnosed as incapacitated. This requires the initials of the Principal supplied to either item A or item B in the first section.

Powers Of Attorney-in-Fact

(4) Banking. The Principal behind this Kentucky appointment can designate the power to manage, open, close, or negotiate his or her accounts with financial institutions and banks. To do so, the issuing Principal must locate the first power description in the second section then initial the corresponding blank line. By going through the list of power descriptions, the Principal can quickly select which matters he or she formally grants authority to the Attorney-in-Fact. Once initialed. The Attorney-in-Fact can perform the actions defined in that description. For example, by granting banking powers, the Attorney-in-Fact can transfer principal funds from one financial institution to another with the approved usage of the Principal’s name to do so. If the Principal wishes to grant other powers to the Attorney-in-Fact, he or she only needs to leave the banking powers unattended then proceed to only initial the power descriptions that define actions the Attorney-in-Fact may engage in with a demonstrated Principal’s approval (i.e. the act of initialing).

(5) Safe Deposit Box. The Attorney-in-Fact can be given the authority to control the Principal’s safe deposit box.

(6) Lending Or Borrowing. If the Principal intends for the Attorney-in-Fact to manage his or her loans with actions such as applying for loans, delivering promissory notes, and initiate mortgages then direct approval is required.

(7) Government Benefits. The Attorney-in-Fact can be given the power to carry out the Principal’s directives over government benefits by approving this power. This will enable the Agent to perform actions such as applying and receiving such benefits for the principal.

(8) Retirement Plan. The Principal’s ability to initiate, contribute, maintain, receive benefits from, or change retirement plans can be assigned to the Attorney-in-Fact through the properly initialed statement however, this item will not grant the Attorney-in-Fact the right to change a beneficiary of the Principal’s retirement or IRA place.

(9) Taxes. The Attorney-in-Fact can complete and sign any local, state, and federal tax returns on behalf of the Principal with the approval the Principal grants to the “Taxes” subject. It should be kept in mind, that while initialing approval from the Principal can allow an Attorney-in-Fact to handle certain filing matters or administrative actions, only the Tax Entity being dealt with can approve of the Attorney-in-Fact’s right to represent the Principal in certain procedures. This authorization requires paperwork and qualifications that can only be set and defined by the concerned Tax Entity (i.e. Department of Revenue, I.R.S.).

(10) Insurance. The Principal can deliver the ability to manage his or her life, health, automobile, and homeowner’s insurance to the Attorney-in-Fact. This excludes the approval to effect the Principal’s Beneficiaries.

(11) Real Estate. The Principal can grant real property powers to the Attorney-in-Fact so that he or she can carry out the Principal’s directives with real estate. This shall enable the Attorney-in-Fact to perform a range of functions from acquiring real property to transferring or conveying a deed under the Principal’s control.

(12) Personal Property. The Principal can delegate the same control over tangible and intangible personal property to the Attorney-in-Fact that he or she can exhibit through the list being reviewed by initialing the appropriate power description. Be aware this includes a wide range of property descriptions ranging from real estate to a laptop to stock shares.

(13) Power To Manage Property. If the Principal wishes the Attorney-in-Fact to handle his or her real property affairs, then he or she must approve the power to manage the concerned property(ies). This gives the Attorney-in-Fact to deal with real property tasks such as leasing, collecting rent, buying/selling/exchanging, or repairing real property in the Principal’s control.

(14) Gifts. The Principal’s ability and power to make, receive, effect, honor, and negotiate gifts can be granted to the Kentucky Attorney-in-Fact.

(15) Legal Advice And Proceedings. Should the Principal wish to bestow the authority to obtain and pay for legal consultations, services, actions, and filings or defend against them to the Attorney-in-Fact then the final subject should be initialed.

Special Instructions

(16) Principal Provisions. Additional instructions, directions, limitations, restrictions, or provisions the Principal wishes placed or applied to the authority granted above should be documented directly to the contents of this appointment. If more room is necessary, then an attachment can be fashioned so long as it is properly titled then cited in this document as well as attached by the time of signing.

Principal Kentucky Execution

(17) Signature Date. The day that the Principal signs this document must be dated as such.

(18) Kentucky Principal’s Execution. This appointment requires a notarized signature from the Principal on the indicated signature date.

(19) Notarization. The Kentucky Notary Public will conclude the remainder of this document with the appropriate information and credentials.

Specimen Signature And Acceptance Of Appointment

(20) Attorney-in-Fact Declaration. Print the full name of the Attorney-in-Fact to complete his or her declaration statement.

(21) Attorney-in-Fact Signature. The Attorney-in-Fact must show that he or she acknowledges this document and agrees with the statement by signing this document before a Notary Public.

(22) Notarization. The attending Notary Public will notarize the Attorney-in-Fact’s signature.

 

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