What Is A Power of Attorney?
Predicting the future is a challenge, but you can prepare for unforeseen circumstances with powers of attorney. These legal instruments enable you to appoint an individual to manage your affairs should you be unable to do so due to incapacitation.
Your appointed agent will have the authority to handle your healthcare needs and manage your finances and business dealings.
When Should I Contact a Powers of Attorney Lawyer?
Donโt wait to set up your power of attorney. Contact our Columbus-based power of attorney lawyer now to begin the process.
General and Healthcare Powers of Attorney
Types of Powers of Attorney
In Columbus, a significant number of residents include in their thorough estate planning both the general power of attorney and the healthcare power of attorney. These legal instruments are recognized as durable under Ohioโs statutes, ensuring they remain in force even if one loses mental capacity.
General Powers of Attorney
A Columbus-based attorney, with a focus on powers of attorney, plays a crucial role in the preparation of these legal forms, ensuring they are in line with the current laws of Ohio and address the particular requirements of the client. A general power of attorney, also known as a financial power of attorney, grants legal powers to a nominated party, referred to as an attorney-in-fact or agent.
The agentโs powers, as detailed in the power of attorney document, typically cover a wide range of financial and business operations. The attorney-in-fact can handle bank interactions, work with financial institutions, arrange property transactions, and manage virtually any issue related to the principalโs financial life.
Healthcare Power of Attorney
A healthcare power of attorney, also referred to as a medical POA, is a distinct legal instrument that authorizes the attorney-in-fact to make healthcare-related decisions for the principal.
This encompasses choices about medical care, end-of-life treatment, and healthcare-related expenses. The agentโs authority in healthcare matters is activated only when the principal is considered mentally incapacitated and unable to make informed healthcare decisions.
Additionally, a power of attorney can contain clauses for an alternate agent to take over if the first agent cannot or will not serve. The document can be customized with specific directives and restrictions on the agentโs extensive authority, ensuring the principalโs interests are protected.
Limited Power of Attorney
Should you need to assign authority to someone else for a particular duty or transaction, the laws of Columbus, Ohio, permit the drafting of a limited power of attorney. This document designates your selected representative, also referred to as an attorney-in-fact or POA agent, to act with legal authority strictly within the parameters set out in the document.
For example, you may use this document to authorize someone to manage a unique real estate deal in your name. The agentโs authority is confined to what is clearly outlined in the POA document, which means they are not allowed to undertake actions or decisions outside of those detailed in the power of attorney.
The document can also detail specific directives and conditions to ensure your interests are safeguarded. It is important to note that a limited power of attorney is valid only for the distinct tasks and duration indicated, with the agent being legally obligated to represent your interests within the established boundaries.
Reasons to Include Powers of Attorney in Your Estate Plan
Powers of attorney are vital components of your estate plan. With powers of attorney, you will:
- Avoid guardianship
- Designate a trusted person to manage your affairs
- Ensure the fulfillment of your financial and medical needs
- Have a plan in place for your loved ones
Is Your Current Power of Attorney Powerful Enough? Is it even Valid?
Powers of attorney vary significantly. In Columbus, Ohio, the statutory or state-provided power of attorney form grants a relatively confined range of powers to your agent. If your requirements for the agentโs role are minimal or if your confidence in the appointee isnโt absolute, this version may suit your situation.
Yet, if you expect your agent to fully assume your responsibilities and manage all the obligations for which youโre typically responsible, the statutory power of attorney wonโt be adequate. Most people will require guidance on which powers to include in the document to ensure it aligns with their circumstances and those of their family in the event of incapacity.
The Uniform Power of Attorney Act of Ohio has been in effect since March 2012. If your power of attorney was established before that, its enforceability could be in question. At the least, it may no longer reflect your current needs, especially after over ten years have passed.
Therefore, itโs advisable to have an experienced power of attorney lawyer with Jarvis Law Office review your existing power of attorney to verify its compliance with legal norms and your current preferences for the future. If necessary, your attorney can create a new document for you.
Choosing an Agent for Your Power of Attorney
In choosing an agent for your power of attorney, certain qualities are essential. Opt for an individual who is unlikely to misuse the granted powers and who comprehends their obligations within this role, including the ability to make key decisions cooperatively with other involved entities.
Ideally, this individual is someone close to you who is detail-oriented, can manage pressure well, and is committed to seeing tasks through to completion. Itโs advisable to consider nominating one or two alternate agents should your primary agent be unable to perform these tasks. Have a conversation about potential agents with your attorney, who handles powers of attorney.
Powers of Attorney and Your Estate Plan
Ohio legislation prohibits your agent from engaging in any activities that would negatively impact your established estate plan. Crafting an estate plan is primarily aimed at preventing uncertainty, misinterpretations, or unforeseen circumstances that could create doubts about your assets and your wishes.
Ensure that everyone is on the same page by having your Columbus powers of attorney lawyer create your estate plan. Then, the attorney can review it with your agent if you wish. Contact us today and schedule a consultation to take the first steps.