Types of Powers of Attorney in Ohio
Here are the different types of powers of attorney recognized under Ohio law:
General Power of Attorney
In Ohio, a general or financial power of attorney gives the agent or attorney-in-fact the legal authority and power to act on the principal's behalf in just about any matter. These include opening financial accounts, managing finances, entering into contracts, and selling or buying a property.
Limited Power Of Attorney
A limited power of attorney, also known as special power of attorney, allows the agent to act on the principal's behalf in certain matters listed in the document. This may include a single transaction or making bank withdrawals for a specified period.
Healthcare Power Of Attorney
A healthcare power of attorney, sometimes included in advance directives, allows the agent to make healthcare decisions on behalf of the principal in the event that the principal becomes unconscious, mentally incompetent, or otherwise unable to make such decisions.
Springing Power of Attorney
In Ohio, a springing power of attorney goes into effect if the principal were to become mentally incapacitated, or otherwise unable to act on their own behalf, but allows the principal to state the specific events that will execute the power of attorney.
Under current Ohio law, all powers of attorney are durable. Unless the POA document specifically states otherwise, the agent can act when the principal becomes incapacitated.
Factors to Consider
Here are some essential factors to take into consideration when choosing your power of attorney:
- Trust — When choosing your power of attorney, ensure that you delegate the authority to a reliable and trusted person who has your best interests at heart, will respect your true wishes, and won't abuse their privileges.
- Attention to Detail — Be sure that you choose an agent who can keep detailed and accurate records of all transactions performed on your behalf.
- Understanding of the Duties — You need to choose a person who has a clear understanding of their role and responsibilities, is willing to take on the task, and execute designated actions diligently.
- Proximity — You should consider choosing a person who lives near you. This ensures that the person can be present when the need arises.
- Decision Making — Choose an agent who is capable of making the right decisions, even when under possibly strenuous circumstances.
- Collaboration — The person you are choosing to have power of attorney must be willing to collaborate or work together with your accountant, advisor, attorney, and other parties if needed.
Work With a Knowledgeable Attorney
Choosing a power of attorney to protect your finances, property, and healthcare interests requires thorough consideration. Should you become unavailable or fall victim to an unfortunate event, having this document in place can give you confidence and peace of mind that your choices about your financial life, assets, and medical care are in trusted hands. A knowledgeable Ohio estate planning attorney will offer you detailed guidance and help you make informed decisions.
At The Law Office of Gregory L. Williams, I advise all my clients to choose a trustworthy and reliable person to have power of attorney. As your legal representative, I will work diligently to address your needs and concerns and establish an estate plan that best suits your goals and unique needs. Using my extensive experience, I will help you craft a strategic estate plan that protects your assets, investments, and your family's future and best interests. I can guide you through all the steps involved in the legal process and help you choose the right agent.