A power of attorney (POA) is an important document to consider during the Kentucky estate planning process. These legal documents allow another person to act on your behalf if you are no longer able. There are several different types of power of attorney that you may want to have.
General power of attorney
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. It usually ends when you die or are incapacitated unless you end it earlier.
Limited power of attorney
This gives a person the ability to act on your behalf for a limited purpose. An example would be that they could sign a deed for you while you are out of town or in the hospital. The power of attorney ends after the act that is mentioned in the agreement is completed.
Durable power of attorney
A durable power of attorney can be a general power of attorney but remains in effect after you are incapacitated.
Springing
A springing power of attorney take effect when a predetermined event or circumstance occurs.
An attorney who specializes in Kentucky estate planning can help their client understand their options when it comes to financial powers of attorney and what would work best for their family. In addition, an attorney can also help draft a medical power of attorney to make sure medical decisions are made the way you want if that time comes.
