Durable Power of Attorney Form for Kentucky

DOCUMENT CONTROL & IDENTIFICATION

DOCUMENT TITLE: DURABLE POWER OF ATTORNEY (KENTUCKY UNIFORM POWER OF ATTORNEY ACT) DOCUMENT ID: DPOA-KY-2024-RE-001 EFFECTIVE DATE: [Effective Date] VERSION: 1.0 (Institutional Grade) GOVERNING JURISDICTION: Commonwealth of Kentucky (KRS Chapter 457)

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STATUTORY & LEGAL COMPLIANCE NOTICE

WARNING TO THE PRINCIPAL: THIS IS AN IMPORTANT LEGAL DOCUMENT. IT CREATES A DURABLE POWER OF ATTORNEY. IT GIVES THE PERSON YOU DESIGNATE AS YOUR AGENT (ATTORNEY-IN-FACT) BROAD POWERS TO HANDLE YOUR PROPERTY, WHICH MAY INCLUDE POWERS TO SELL OR OTHERWISE DISPOSE OF ANY REAL OR PERSONAL PROPERTY WITHOUT ADVANCE NOTICE TO YOU OR APPROVAL BY YOU. THESE POWERS WILL EXIST EVEN IF YOU BECOME INCAPACITATED. YOU HAVE THE RIGHT TO REVOKE THIS POWER OF ATTORNEY AT ANY TIME.

NOTICE TO AGENT: BY ACCEPTING OR ACTING UNDER THE APPOINTMENT, YOU ASSUME THE FIDUCIARY AND OTHER LEGAL RESPONSIBILITIES OF AN AGENT UNDER KENTUCKY REVISED STATUTES CHAPTER 457. YOU MUST ACT IN ACCORDANCE WITH THE PRINCIPAL’S REASONABLE EXPECTATIONS TO THE EXTENT ACTUALLY KNOWN BY YOU AND, OTHERWISE, IN THE PRINCIPAL’S BEST INTEREST, ACT IN GOOD FAITH, AND ACT ONLY WITHIN THE SCOPE OF AUTHORITY GRANTED IN THIS POWER OF ATTORNEY.

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1. PARTIES & RECITALS

1.1. PRINCIPAL IDENTIFICATION. I, [Principal Full Legal Name], residing at [Principal Residential Address], (the "Principal"), being of sound mind and legal capacity, do hereby appoint the following individual(s) as my Agent(s) (each, an "Agent") to act for me in my name and for my benefit.

1.2. DESIGNATION OF AGENT.

• PRIMARY AGENT: [Agent Full Legal Name]
• ADDRESS: [Agent Residential Address]
• RELATIONSHIP: [Relationship to Principal]

1.3. SUCCESSOR AGENT (Optional). In the event the Primary Agent is unable or unwilling to serve, I designate the following:

• SUCCESSOR AGENT: [Successor Agent Full Legal Name]
• ADDRESS: [Successor Agent Residential Address]

1.4. RECITALS. This Power of Attorney is executed pursuant to the Kentucky Uniform Power of Attorney Act (KRS 457.010 to 457.460). The Principal intends to create a durable power of attorney that remains effective notwithstanding any subsequent disability, incapacity, or incompetence of the Principal.

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2. OPERATIVE CLAUSES & GRANT OF AUTHORITY

2.1. GENERAL GRANT OF AUTHORITY. The Principal grants the Agent the authority to act for the Principal with respect to all subjects described in KRS 457.240 through 457.350, as modified or limited by the specific provisions of this document.

2.2. REAL PROPERTY (KRS 457.270). The Agent is authorized to: buy, sell, exchange, lease, convey, quitclaim, mortgage, encumber, partition, or otherwise manage any interest in real property; execute and deliver deeds, transfers, and mortgages; pay taxes and assessments; and prosecute or defend actions for the possession of real property.

2.3. TANGIBLE PERSONAL PROPERTY (KRS 457.280). The Agent is authorized to: buy, sell, lease, or exchange tangible personal property; grant security interests in such property; and manage, repair, or store the same.

2.4. STOCKS, BONDS, AND OTHER SECURITIES (KRS 457.290). The Agent is authorized to: buy, sell, and exchange stocks, bonds, and mutual funds; vote in person or by proxy; and exercise all rights of ownership regarding securities.

2.5. COMMODITIES AND OPTIONS (KRS 457.300). The Agent is authorized to: buy, sell, exchange, or otherwise dispose of commodity futures contracts and call or put options on stocks or stock indexes.

2.6. BANKS AND OTHER FINANCIAL INSTITUTIONS (KRS 457.310). The Agent is authorized to: open, continue, modify, or terminate any account; withdraw funds; sign checks and drafts; receive bank statements; and have access to safe deposit boxes.

2.7. OPERATION OF ENTITY OR BUSINESS (KRS 457.320). The Agent is authorized to: operate, buy, sell, enlarge, or terminate any business interest; exercise voting rights; and perform any duty or discharge any liability relating to a business entity.

2.8. INSURANCE AND ANNUITIES (KRS 457.330). The Agent is authorized to: procure, modify, or terminate insurance policies; pay premiums; and receive benefits or proceeds from insurance contracts.

2.9. ESTATES, TRUSTS, AND OTHER BENEFICIAL INTERESTS (KRS 457.340). The Agent is authorized to: accept, receipt for, or claim any property or interest provided for through a will, trust, or estate; and participate in any legal proceeding to protect such interests.

2.10. CLAIMS AND LITIGATION (KRS 457.350). The Agent is authorized to: assert and maintain before a court or administrative agency a claim, claim for relief, cause of action, or defense; and submit to arbitration or settle any claim.

2.11. PERSONAL AND FAMILY MAINTENANCE (KRS 457.360). The Agent is authorized to: perform acts necessary to maintain the customary standard of living of the Principal, the Principal’s spouse, and children.

2.12. TAXES (KRS 457.410). The Agent is authorized to: prepare, sign, and file federal, state, local, and foreign income, gift, and other tax returns; pay taxes due; and represent the Principal before the Internal Revenue Service or other taxing authorities.

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3. DURABILITY & EFFECTIVE DATE

3.1. DURABILITY STATEMENT. In accordance with KRS 457.040, this Power of Attorney is DURABLE and shall not be affected by the subsequent incapacity, disability, or incompetence of the Principal.

3.2. EFFECTIVE DATE. This Power of Attorney is effective immediately upon the date of execution and acknowledgment by the Principal.

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4. AGENT DUTIES & LIMITATIONS

4.1. FIDUCIARY DUTY. The Agent shall act in good faith, with the care, competence, and diligence ordinarily exercised by agents in similar circumstances, and in accordance with the Principal's best interests.

4.2. ACCOUNTING. The Agent shall keep a record of all receipts, disbursements, and transactions made on behalf of the Principal. The Agent shall render an accounting to the Principal or any person designated by the Principal upon request.

4.3. PROHIBITION ON SELF-DEALING. Unless specifically authorized herein, the Agent shall not use the Principal's assets for the Agent's own benefit, nor shall the Agent commingle the Principal's funds with the Agent's funds.

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5. DISPUTE RESOLUTION & GOVERNING LAW

5.1. GOVERNING LAW. This document shall be governed by and construed in accordance with the laws of the Commonwealth of Kentucky.

5.2. SEVERABILITY. If any provision of this document is held to be invalid or unenforceable, the remaining provisions shall continue in full force and effect.

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6. EXECUTION & FORMAL SIGNATURE BLOCKS

IN WITNESS WHEREOF, the Principal has executed this Durable Power of Attorney on the date first written above.

FOR THE PRINCIPAL:

Signature: _____________________________________ Printed Name: [Principal Full Legal Name] Title: Principal Date: [Date of Signing]

COMMONWEALTH OF KENTUCKY COUNTY OF [COUNTY NAME]

The foregoing instrument was acknowledged before me this ____ day of ________, 20, by [Principal Full Legal Name], Principal.

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NOTARY PUBLIC, STATE AT LARGE My Commission Expires: ________________

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AGENT’S ACCEPTANCE AND ACKNOWLEDGMENT

I, [Agent Full Legal Name], have read the attached Durable Power of Attorney and am the person identified as the Agent for the Principal. I hereby accept the appointment and assume the legal protection and fiduciary duties of an Agent under the Kentucky Uniform Power of Attorney Act.

FOR THE AGENT:

Signature: _____________________________________ Printed Name: [Agent Full Legal Name] Title: Agent / Attorney-in-Fact Date: [Date]

FOR THE SUCCESSOR AGENT (If Applicable):

Signature: _____________________________________ Printed Name: [Successor Agent Full Legal Name] Title: Successor Agent Date: [Date]

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STEP-BY-STEP EXECUTION & FILING GUIDE

Phase 1: Drafting & Customization

1. Field Completion: Open the document in Microsoft Word or Google Docs. Replace all bracketed text (e.g., [Principal Full Legal Name]) with the accurate legal information. Ensure the address matches the Principal's primary residence.
2. Authority Review: If you wish to exclude certain powers (e.g., Real Estate), strike through that specific clause and have the Principal initial next to the strike-through.

Phase 2: Formal Execution

1. Physical Presence: The Principal must sign the document in the physical presence of a Notary Public licensed in the Commonwealth of Kentucky.
2. Identification: The Principal must present a valid government-issued photo ID to the Notary.
3. Notarization: The Notary must complete the acknowledgment section, including their signature, commission expiration date, and official seal/stamp.
4. Agent Acknowledgment: While not strictly required for validity in all KY contexts, having the Agent sign the "Agent’s Acceptance" section is an institutional best practice to ensure the Agent is aware of their fiduciary duties.

Phase 3: Digital Execution (Optional)

1. E-Signature: If using DocuSign or Adobe Sign, ensure the platform complies with the Kentucky Uniform Electronic Transactions Act (KRS 369.101 et seq.).
2. Remote Online Notarization (RON): If the Notary is not physically present, the session must be conducted via a Kentucky-approved RON platform.

Phase 4: Recording & Distribution

1. County Clerk Recording: If the Agent will be managing Real Estate, a certified copy or the original of this DPOA must be recorded in the County Clerk’s office in the county where the property is located (KRS 382.370).
2. Institutional Notice: Provide copies of the executed document to the Principal's banks, investment firms, and healthcare providers.
3. Safekeeping: The original should be kept in a secure location (fireproof safe or safety deposit box) with the Agent knowing the location. Ensure a digital copy is stored in a secure, encrypted cloud environment.