By: Dustin Humphrey
Preparing for the future is something we know we need to do but always 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 attorneys at Skeeters, Bennett, Wilson & Pike strongly encourage clients to put in the work now and make sure they are prepared legally when the rough seasons of life do hit.
In a previous blog, we explained the vital importance of a Power of Attorney (POA) in preparing for your future. Simply put, a POA 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.
Unfortunately, many families that set up a POA 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 & Pike 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.
Dustin joined the SBW&P team in 2010, coming to us from one of the oldest firms in Cincinnati. He earned his undergraduate degree from Bellarmine University, summa cum laude, and his law degree from the Salmon P. Chase College of Law at Northern Kentucky University, where he graduated cum laude. Dustin’s law practice includes personal injury law, medical malpractice law, business law including corporations, LLCs and business planning, real estate law, probate law, estate planning, employment law, and family law.