What Role Does A Power of Attorney Play in The Setting Up of My Will in Ohio?
When someone completes the legal document called the “Power of Attorney” (POA), they are essentially signing the right of another person to make personal or business decisions for them. These legal documents are often used when someone is not of sound mind or they are incapable of handling their own personal affairs appropriately. There are different kinds of POA options. Choosing the right one will greatly depend on the situation at hand and the decisions needing to be made while the document is being implemented.
Power of Attorney
All states allow the use of a POA. Each state will have its own laws regarding the legal implementation of them. Commonly, a POA is instituted to give another person, agent, attorney-in-fact or organization the legal authority to act in the place of the individual named on the document. When an individual cancels their POA, they will need to submit a revocation of the power attorney document. Each state offers power of attorney forms at local courts, government agencies, legal assistance organizations and bar associations. These forms may also be found on each organization’s website.
Ohio POA Types
There are three two primary types of POAs including health care, and financial. Legal professionals will often suggest having all both signed in order to successfully cover any type of important decision needing to be made. In addition, a special power of attorney comes with limitations on what the authorized person can act upon, such as buying a home. And a military power of attorney document is needed to make decisions under federal law on behalf of someone enlisted in the military.
Activation and POA Time Period
A power of attorney can become effective as soon as the document is signed or can be set up to take effect when a specific event takes place in the future. When designating the trusted person on a POA, the time it stays in effect may be chosen as temporary or permanent. With a durable power of attorney, both medical and financial will remain in effect if the individual becomes incapacitated. For this to happen legally, it will need to be stated on the document. With the nondurable power of attorney, the duration becomes automatic if the individual becomes mentally incapable of making their own decisions. Family members will need to petition in this instance for permission to handle the incapacitated’s affairs.
Financial Power of Attorney
A financial power of attorney is placed to authorize someone else to manage the finances on behalf of the designated individual. The assigned agent can handle things such as check writing, banking transactions and access to safety deposit boxes. POAs are not able to change a person’s will, but they can make decisions about stocks, insurance policies and other securities. Additionally, they can manage accounting responsibilities, government benefits and are able to file tax returns.
Health Care Power of Attorney
A Health Care power of attorney is also referred to as an individual’s health care directive or medical power of attorney. The purpose of this type is to allow someone to make medical decisions on the individual’s behalf. The agent is legally required to honor all known wishes regarding healthcare. Some states do limit the types of decisions that can be made under a Health Care POA.
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