A Kentucky general power of attorney (GPOA) is a legal document allowing one individual (the principal) to elect another (the agent) to make financial decisions on their behalf. Even with this power in place, the principal retains primary control over their financial decisions.
If the principal is mentally competent and wants to revoke this form, they can write their intent and deliver it to the agent. Note that this form is non-durable. If an individual becomes incapacitated, the agent’s powers expire. If you’d like a longer-lasting form, use a durable power of attorney.
Authority (KRS § 457.245) – An agent can create or revoke a living trust, change a beneficiary designation, make a gift, and complete other actions under a power of attorney. They can only have this authority if the power of attorney expressly grants the agent the authority and another agreement or instrument doesn’t prohibit the permissions.
Signing Requirements (KRS § 457.050) – A notary public should witness the principal’s signature to deem it genuine. Alternatively, a notary public can witness the signature of an individual whom the principal directs to sign their name.
Presumption of Durability (KRS § 457.040) – A power of attorney in Kentucky is durable unless the principal explicitly writes that it expires when they become incapacitated.