Preparing for the future is something we know we need to do but often put off until “tomorrow.” After all, thinking about how you should be prepared for life’s inevitable headaches is not a pleasant task, especially when it means you have to plan for unfortunate circumstances like a disability. While the task is difficult, the estate planning attorneys at Skeeters, Bennett, Wilson & Humphrey strongly encourage clients to put in the work now and make sure they are prepared legally when the rough seasons of life do hit.
Why a Power of Attorney Is So Important
Simply put, a Power of Attorney is a written document in which one person appoints another person to act as an agent on his or her behalf. This can be a trusted friend or family member and can be more than one person. A POA ensures your financial, legal, and business affairs are kept in order if you become incompetent or disabled, or simply unable to handle your own affairs.
Understand What Kind of POA You Need
Unfortunately, many families that set up a power of attorney are surprised to learn that their bank is not obligated to accept their POA under Kentucky law. There are many reasons a bank may do this. It could be because the bank finds the POA too broad in scope or because the bank has specific forms that must be used. Every bank has different procedures, making it vital to understand their individual policies when your POA is drafted.
The attorneys at Skeeters, Bennett, Wilson & Humphrey hate to see folks deal with the headache of a rejected POA during an already trying time. If you are considering making a POA, we strongly encourage you to work with an attorney from the start. He or she can help you draft an effective POA that will meet the requirements of your bank.
POAs are just one important part of the estate planning process. To learn more about our estate planning practice, contact us today.