{"id":1662,"date":"2023-07-21T01:09:47","date_gmt":"2023-07-21T01:09:47","guid":{"rendered":"https:\/\/law-oh.com\/?p=1662"},"modified":"2023-06-27T16:13:57","modified_gmt":"2023-06-27T16:13:57","slug":"an-overview-of-power-of-attorney-appointments","status":"publish","type":"post","link":"https:\/\/law-oh.com\/an-overview-of-power-of-attorney-appointments\/","title":{"rendered":"An Overview of Power of Attorney Appointments"},"content":{"rendered":"

A power of attorney<\/a> is an essential tool when you are preparing for a day when you will be incapacitated and a trusted agent will need to handle your affairs on your behalf. These legal documents can grant broad authority to one or more power of attorney agents to transact business or make medical decisions based on your behalf.<\/p>\n

What are the different forms of a Power of Attorney?<\/h2>\n

A “power of attorney” and “limited power of attorney” may manage your affairs until you are legally considered incapacitated or incompetent. The word “limited” narrows a power of attorney’s authority to transact business only to a specific property or with an agent’s limited access to funds. A “durable power of attorney” remains in effect until the principal revokes the document or upon their death. A “springing” durable power of attorney will not go into effect until a doctor certifies the principal incapacitated, allowing you to keep control over your affairs until you are unable. A “medical power of attorney” is always durable and permits healthcare decisions on behalf of the principal. The document includes sections similar to a living will, guiding the agent and doctors’ medical decisions to the principal’s wishes.<\/p>\n

Like your will, durable power of attorney documents requires drafting according to the state laws you live in and some forethought of your selection of agents. Every state has laws governing the creation and use of valid power of attorney documents<\/a>. Does your state abide by The Uniform Power of Attorney Act of 2006? This Act intends to standardize the approach, provide safeguards for the principal, and eliminate differences between state laws. As of 2019, twenty-six US states abide by The Uniform Power of Attorney Act. Residents of multiple states and snowbirds who routinely travel and transact business in other states may benefit from creating a valid durable power of attorney documents in both states.<\/p>\n

Take note that if your spouse is your power of attorney, this designation does not automatically end when you finalize a divorce between you unless you live in these twelve states: Alabama, California, Colorado, Illinois, Indiana, Kansas, Minnesota, Missouri, Ohio, Pennsylvania, Texas, Washington, or Wisconsin.<\/p>\n

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What to Consider When Appointing a Power of Attorney<\/h2>\n

When appointing a power of attorney, the agent you select is a personal decision. There are things to consider, such as if your adult children are trustworthy and mature in handling finances and medical decisions on your behalf. Some adult children move away or lose touch and are not necessarily suitable candidates simply because they are your children. You may select a contemporary friend who becomes disabled themselves or pre-deceases you, so you must have a backup agent in the documentation. Always make the decisions regarding your power of attorney selection while you are in good mental and physical health.<\/p>\n

What Role Does Your Financial Power of Attorney Play?<\/h2>\n

A financial power of attorney can have the authority to perform some or all of these tasks:<\/p>\n