On April 25, 2018, Governor Bevin signed House Bill 11 into law. House Bill 11 establishes Chapter 457 of the Kentucky Revised Statutes adopting portions of the Uniform Power of Attorney Act (2006). Effective July 14, 2018, these new statutory guidelines will replace the previous common law guidelines. The execution of a Power of Attorney will now require that it be signed in the presence of two (2) disinterested witnesses by the principal or in the principal’s conscious presence. Such signature of the principal should also be acknowledged by a notary public to be presumed genuine.
The Act provides a new landscape for Powers of Attorney in Kentucky. For instance, it provides for the specific circumstances in which a Power of Attorney would terminate, such as when: the principal dies; the principal become incapacitated (if not durable); a court appoints a fiduciary charged with the management of the principals property; the power of attorney is revoked; the terms of the power of attorney indicate termination; and when the purpose of the power of attorney is accomplished. The Act further excludes certain Power of Attorney documents from the purview of its statutes. One such exception is for medical decisions outlined in accordance with the Kentucky Living Will Directive Act. These documents shall be drafted in accordance with all previously established Kentucky Law.
This new Act will not affect existing Power of Attorneys that were properly executed prior to the effective date of the Act. However, as of July 14, 2018, changes will need to be made to new Powers of Attorney to ensure compliance with the Act. For questions concerning how the Act will impact your estate planning documents or for assistance executing updated estate planning documents, please contact our office.