A durable power of attorney Ohio form confers upon an entity the legal rights to handle financial and medical-related issues on behalf of another upon his/her incapacitation. In general, an individual who has passed the legal age of 18 years and is mentally competent is allowed to draft a power of attorney.
In this article, you will understand a lot more about a durable power of attorney and the peculiarities of drafting one in Ohio.
What Is An Ohio Durable Power of Attorney?
It is a simple legal agreement between a principal and an agent for the latter to represent the principal before and after the principal no longer has a sound sense of judgement or is physically incapacitated. A poor sense of judgement is defined under the dictates of the law as the inability of the principal to make evaluations or receive information even with technological assistance. The soundness of the principal’s judgment is determined by a certified medical practitioner.
The power of attorney becomes legally valid as soon as the Ohio power of attorney form is signed in the presence of some witnesses, except otherwise stated in a section titled “special instructions”. Under this section, the principal may stipulate that this power becomes effective only after a specific date.
The power of attorney laws in Ohio are listed under sections 1337.21 to 1337.64 of the Revised code of the Power of Attorney Act.
How Does The Ohio Durable Power of Attorney Work?
A durable power of attorney Ohio is designed to allow continuous representation of the principal even upon his/her incapacitation. While it might seem like the agent has to be a legal practitioner, most often than not, the attorney-in-fact is usually a spouse, relative or family friend. This way, the principals can feel more at rest that they have designated this important role to someone who also shares their interests and wants the best for them.
In the event that the agent begins to abuse these powers before incapacitation of the principal, the principal can revoke these powers by signing a power of revocation form in the presence of a select number of witnesses. The keyword here is ‘before incapacitation’. Once the principal becomes incapacitated, he/she can no longer revoke the powers of the agent.
A durable power of attorney form Ohio allows for nomination of only one agent. If the principal chooses to have more than one, he or she is allowed to name this individual as a coagent in the ‘Special Instructions’ section.
Unless limited to particular roles and responsibilities, an agent has the powers to act on behalf of the principal in:
- Tax matters
- Legal matters
- Benefits and retirement plan transactions
- Business operation transactions
- Stock and bond transactions
- Personal and family maintenance
Who Needs an Ohio Durable Power of Attorney?
Legal adults are recommended to create an Ohio Durable power of attorney if they:
- Travel often
- Work in a high-risk environment
- Participate in physically tasking sporting activities
- Are at a risk of suffering from any mental illness
- Are becoming a senior.
When does an Ohio durable power of attorney become invalid?
The contents of a durable power of attorney Ohio becomes invalid upon revocation by the principal. It also becomes non-functional after the demise of the principal.
What can or can’t my agent do in Ohio?
Unless limited to particular roles, say, tax or medical related matters, the agent is allowed to continuously represent you in almost all financial and legal-related matters. However, he/she is not permitted to create or change the rights of survivorship, exercise fiduciary powers that you have the authority to delegate, make a gift or a trust.
A durable power of attorney in Ohio is as important as a will or trust. Without it, no one is legally permitted to make decisions related to your finances, business or related transactions on your behalf. Drafting one is easy. You can download a free printable durable power of attorney form from CocoSign platform and execute it under the provisions of the law.
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