You've undoubtedly heard the term "Ohio durable power of attorney," but do you understand what it entails and how it varies from a standard power of attorney? You may not be aware of the differences until you have a power of attorney as part of your estate plan.
Before we get into the specifics of a durable power of attorney form in Ohio, let's define what a power of attorney is. A durable power of attorney form in Ohio enables you (the Principal) to appoint someone else (the Agent or attorney-in-fact) to act and make decisions on your behalf. You may have an Ohio durable power of attorney form for financial matters, healthcare decisions, or both.
What Does an Ohio Durable Power of Attorney Mean?
Even if you become incapacitated, a printable durable power of attorney form in Ohio allows someone you choose as an "Agent" to make legal, financial or healthcare decisions on your behalf.
Ohio's durable power of attorney forms is essential in estate planning documents. They ensure that if you become unable to handle your finances or healthcare, someone you trust will take care of them. Life is unpredictable, and you never know when illness or injury will render you helpless.
General and durable medical powers of attorney are the two most common types. An Ohio durable power of attorney differs from a regular power of attorney in that it does not end when the Principal becomes incapacitated. An ordinary power of attorney becomes worthless once the Principal is mentally or physically disabled and unable to communicate; however, an Ohio durable power of attorney continues to function.
What Can an Ohio Durable Power of Attorney Provide?
Delaying the creation of a printable durable power of attorney form in Ohio will result in unnecessary costs and complications. Consider the case of an older adult who has been diagnosed with Alzheimer's disease. After he has been duped by someone who preys on the elderly, his family becomes aware of the disease's progression.
They try to get the Ohio durable power of attorney form to protect what little money he has left, but due to his disease, he is not legally capable of doing so (and may well refuse to, anyway). Now the family must devote time, money, and effort to petitioning the court to appoint a legal guardian.
Ohio's durable power of attorney isn't just for the elderly. Another situation where having a financial power of attorney in Ohio is beneficial is in a medical emergency involving an adult child. Suppose your newly legal adult child becomes incapacitated due to illness or an unexpected injury. In that case, an Ohio durable power of attorney will allow you to obtain medical information and decide about his or her care.
How to Write an Ohio Durable Power of Attorney Form?
To ensure that your Ohio durable power of attorney form is adequate and protects the rights and assets in the way you want, you should have it prepared by an experienced Ohio estate planning attorney. An Ohio durable power of attorney forms should be precise to meet your specific needs and not give your Agent more power than is needed.
Step 1: Provide the details about the Parties
- Enter the Principal's full name AND the Principal's address.
- Enter the name of the Agent who has been nominated.
- Provide the Agent's address.
Step 2: Powers Granting
The Principal must choose and initial each power they wish to grant to their Agent. Carefully review each of the following powers before presenting them to the Agent:
- Real-estate deals
- Transactions involving tangible personal property
- Transactions of stocks and bonds
- Transactions in commodities and options
- Transactions involving banks and other financial institutions
- Transactions relating to business operations
- Transactions involving insurance and annuities
- Transactions involving estates, trusts, and other beneficiaries
- Litigation and claims
- Personal and familial maintenance
- Military service or benefits from Social Security, Medicare, Medicaid, or other government programs
- Transactions involving retirement plans
- Concerns about taxes
If the Principal is granting all powers, initial this line because each power would not need to be initiated separately.
Step 3: Special Instructions
Fill in the blanks on the form if the Principal wishes to express any particular special powers that should be granted.
Step 4: Sections With Titles
The Principal must carefully review the following titled sections:
- Right to Compensation
In the lines provided, name one or more Successor Agent(s) in case the initial Agent is unable to serve (optional)
- Choosing a Law
- Delegation Authority
Step 5: Signatures
They have to sign in front of a Notary Public:
- Signature of the Principal
- Social Security Number of the Principal
- Notarization is the process of having documents notarized.
The notary will witness and accept the document after the Principal has completed it by entering their required notary public information.
Step 6: Agent Acknowledgement
The Agent must type or print their full name to recognize their responsibilities to the Principal. The Agent must sign the document.
Step 7: Preparation Statement
If someone else prepared the document, they must fill in the following information:
- The name of the person who took the time to prepare the document should be printed or typed.
- The preparer must sign the document.
An Ohio durable power of attorney, also known as a statutory power of attorney, is an "extended version" of a general power of attorney that continues beyond the scope of the general power of attorney. The word "durable" refers to the fact that the grantor's financial authority continues whether he or she becomes disabled or incapacitated.