If you are looking to appoint a power of attorney for yourself, it is important to know what this legal designation means and what it can do for you in the State of Kentucky.
What is a Power of Attorney?
A Power of Attorney is a legal document that gives a designated person the power to act on your behalf on a single or several specific matters.
The power may take effect immediately or upon the occurrence of an explicitly anticipated future event and may offer temporary or permanent authority to act on your behalf. The person with the power of attorney is called an agent while the person that appoints an agent is called a principal.
Types of Power of Attorneys Available in Kentucky
There are different types of POAs in Kentucky, but the most utilized power of attorneys in wills, probate, and estate planning are:
- Health Care Power of Attorney — allows the authorized person to make medical decisions on your behalf in case you become incapacitated and is usually combined with a living will.
- Financial Power of Attorney — allows the authorized person to make financial and business decisions on your behalf.
These legal authorizations are also known as Durable Power of Attorneys which means they remain effective even after you are incapacitated.
What Can a Power of Attorney Do for You in Kentucky?
But why would you entrust such power to an individual or a group of people?
The answer is convenience and continuity. For instance, if you need help in making day-to-day decisions like managing your health and finances or buying and selling assets in multiple locations and you cannot appear in person, a POA can provide the assistance you need.
Secondly, no one wants to imagine a time when they won’t handle their affairs. But everyone is susceptible to limitations including illness and injury. Planning your matters in advance allows you to express your wishes on how your estate should be run if you’re unable to do so yourself. A POA also eliminates the uncertainties that may occur if a court has to appoint a person to make the decisions for you.
Here is what a power of attorney can accomplish for you:
1. Authorizing Medical Decisions
These may include:
- The medical care you can receive (including hospitalization, surgery, hospital care, and home care) based on your financial capability
- Administration of cardiopulmonary resuscitation (CPR)
- The doctors and other care providers you would like to attend to you
- Organ donation
- Placement into a nursing home
- Withholding or withdrawal of nutrition and hydration
2. Authorizing Business and Legal Transactions
These decisions may include:
- Providing maintenance for you and your family
- Operating your business
- Engaging in property transactions
- Participating in stock and bonds transactions
- Withdrawing or depositing funds in a retirement plan
- Filing federal, state, and local taxes
- Filing a claim or application for social security, unemployment, and military benefits
Get Help for Estate and Incapacity Planning
Are you looking to plan for incapacity? Contact W. Ron Adams Law and Associates, the best wills, probate, and estate planning firm in Northern Kentucky. We will help you craft a power of attorney that covers your unique circumstances for your peace of mind. Contact us today for a free consultation.