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Steps for Making a Financial Power of Attorney in Kentucky Create the POA Using Software or an Attorney. ... Sign the POA in the Presence of a Notary Public. ... Store the Original POA in a Safe Place. ... Give a Copy to Your Agent or Attorney-in-Fact. ... File a Copy With the Land Records Office.
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The financial POA will include either granting your agent comprehensive powers or selecting, from a list, the specific powers you want your agent to have. For example, you might choose to grant your agent the power to: Engage in real estate, retirement plan, banking and financial transactions.
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In Kentucky, the duration of a POA is primarily determined by the conditions specified in the document itself. This means the power of attorney can be designed to expire on a specific date, upon the occurrence of a particular event, or upon the incapacitation or death of the principal.
The 2020 law now requires the power of attorney to expressly authorize gifts. It also goes into detail about certain gifts to certain persons who are serving as agents that must be expressly authorized (e.g., agents other than spouses, ancestors, or descendants).
A general power of attorney gives your agent the ability to act on your behalf for financial matters. They can sign documents, pay bills, and conduct other financial decisions for you. You can use this even if you're not incapacitated but want additional help with your finances.
A marriage or legal separation is filed, unless the power of attorney document provides otherwise. Just as under the present law, a power of attorney is not required by the new law to be recorded, unless it is being use to convey, release or transfer any interest in real estate.