Kentucky Financial Power of Attorney Form
FindLaw has partnered with experienced attorneys to create financial power of attorney forms you can complete quickly and easily from the comfort of home. Just follow along with our easy step-by-step process to create a financial power of attorney that is customized to Kentucky’s laws and your unique situation.
Do I Really Need a Financial Power of Attorney?
A financial power of attorney is for those “just-in-case” moments. An accident or illness can render you incapacitated and unable to act on your own behalf. If that occurs, you need someone to act for you.
If you do not have a financial power of attorney and cannot manage your affairs, your loved ones may have to pursue a conservatorship. This drawn-out process asks the court to appoint a conservator to manage your financial matters for you. Not only do these actions take a long time, but your loved ones will pay exorbitant legal fees. It is easier and less expensive to execute a financial power of attorney.
Kentucky Financial Power of Attorney Options
Financial Power of Attorney
For One Person
A do-it-yourself financial power of attorney form that’s easy to personalize.
Estate Planning Package
For One Person
All the forms you need to create a personal estate plan.
How It Works
The process takes less than an hour, and you can complete it from the comfort of your home.
Answer Some Questions
Decide who your agent will be and what authority you want them to have. Then, simply answer a few questions.
Create an Account
Creating an account is easy, quick, and secure. Save your information as you go and return when you have time.
Complete Your Document
Once you answer the relevant questions, we do the hard part and create your unique document.
Print, Sign & Make It Legal
Print and sign your document following the instructions. This may include signing in front of witnesses or a notary.
How To Get a Financial Power of Attorney
Understand how a financial POA works in Kentucky
A power of attorney is a legal document where a principal (you) appoints an agent or attorney-in-fact to act on their behalf. In Kentucky, powers of attorney are durable unless stated otherwise. ‘Durable’ means a power of attorney remains effective no matter your disability or mental incapacity.
A durable power of attorney assigns broad powers to the agent so they can act entirely on your behalf. These powers include:
- Financial affairs
- Fiduciary obligations
- Retirement plan management
- Real estate transactions
You can also execute a limited power of attorney, which limits powers to a group of transactions (like financial matters) or a single transaction (business purchase).
Another type of power of attorney allows you to appoint an agent to communicate your medical treatment preferences when you cannot do so. It is called a living will or health care power of attorney.
Choose your agent
Consider your agent choice carefully. You need to choose someone you trust to act in your best interest. Many people choose their spouse, partner, close friend, or business associate to fulfill this role. Consider selecting a successor agent in case your primary choice cannot perform the duties listed in the power of attorney in the future.
Assign duties to your agent
If you want your agent to act on your behalf in all things, assign broad powers to them so they can complete those transactions. You do not want to limit authority so much that they cannot accomplish needed tasks. Another approach is to appoint two agents and assign them different responsibilities based on expertise. For example, you may want your spouse to manage personal bank accounts, choose your children’s daycare, and pay your home mortgage while your business partner manages operations and makes significant business purchases.
Find two witnesses
Hire a notary public
Besides witnesses, state law also requires your power of attorney to contain a notary acknowledgment. Since it can be challenging to schedule your witnesses and notary simultaneously, consider hiring a mobile notary who can visit your home or office. If you go through a law office, they will have a notary public on staff.
Sign the power of attorney
Once finished, make copies of your financial power of attorney and provide them to your agent, loved ones, and anyone else affected by its contents. Store the original in a safe deposit box or fireproof locking file cabinet. Let your agent know where you keep the original.
If you decide to revoke the financial power of attorney, you may do so by executing a new power of attorney, signing a revocation of power of attorney, or destroying the document.
You May Want to Speak With a Lawyer if:
- You don’t know who to choose as your agent
- You want to use a POA for Medicaid planning
- You want to discuss which powers you should give your agent
- You want legal review of your completed power of attorney
Ready to get started on your financial power of attorney? It’s free to start.Create My Form
Kentucky Financial Power of Attorney FAQ
An estate planning lawyer will charge $200 to $400 per hour to draft a power of attorney and offer legal advice. If you wish to save money but still want to work with a lawyer, start by downloading a form and completing it. Then, hire an attorney to review it.
Disclaimer: FindLaw is not a law firm, and the forms are not a substitute for the advice or services of an attorney.
You can find free power of attorney forms online. However, there is no guarantee that they will be appropriate for your situation or compliant with Kentucky state laws.
Most people can complete a financial power of attorney on their own. However, if your situation is complex, it is wise to consult with a lawyer before you finalize a power of attorney. For example, you should consider working with a lawyer if you run a small business or face family conflict.
There are some benefits to working with a lawyer. If you hire a law firm, you have access to disinterested witnesses and notary publics, which makes executing a power of attorney easier. It never hurts to contact a lawyer to address all of your estate planning needs.
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