Dayton Ohio Power of Attorney
Dayton Ohio Power of Attorney
A durable power of attorney is sometimes referred to in layperson’s terms as a financial or legal power of attorney to distinguish it from a durable power of attorney for health care. In a general durable power of attorney, an individual appoints another individual or entity known as the “attorney in fact” to act on the individual’s behalf. A general power of attorney cannot include health care decisions (which Ohio statute requires must be addressed separately in a durable power of attorney for health care) but usually is otherwise very broad in scope. A general power of attorney usually states that the attorney in fact has authority to act on the principal’s behalf in order to pay bills, execute legal documents, make gifts, transfer real estate, manage assets and all other legal and financial matters. Sometimes an individual executes what is known as a limited power of attorney, in which the attorney in fact’s powers are limited to a single act, area or transaction. This often occurs if an individual is unable to execute the necessary documents to sell or purchase real estate or attend the closing on the transaction and appoints another to act on his or her behalf.
A Dayton Ohio Power of Attorney can be structured to become effective immediately, or upon the directions of the principal to go into effect at some point in time in the future, or upon the incapacity of the principal. Our clients, typically, sign a letter instructing us as their attorney to hold the original power of attorney on their behalf and to not release it without their consent or a written statement from their doctor indicating that they are unable to give their consent. Most individuals will appoint a primary attorney in fact to act on their behalf and also one or more individuals as alternates.
Many people do not realize that just by virtue of being married to one’s spouse does not give them the legal right to execute documents on the other spouse’s behalf. If a married couple own real estate, both spouses have to sign the deed to sell the property. If one spouse is no longer competent or is otherwise incapacitated, the other spouse, if a power of attorney had not been executed, must go through the courts and request to be appointed guardian of the other. The same problem may arise if a child needs to pay the bills for an elderly parent. The major reason everyone should have a general durable power of attorney is to avoid the possibility of otherwise having to incur a lot of unnecessary time and expense with a guardianship proceeding, which could have been avoided with a simple and inexpensive power of attorney.
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Attorney Joseph E. Balmer is one of only 20 area lawyers certified by The Ohio State Bar Association as a specialist in estate planning, trusts and probate administration. Click here to read his biography page. Please don’t hesitate to call us at (937) 293-2141 or email us by using our form below if you want to discuss any aspect of estate planning. Additionally, we have an emergency phone number, (937) 760-4357, that is answered by one of our lawyers around-the-clock.
