While you can handle personal and business decisions now, events might occur that prevent you from doing so in the future. Giving someone durable power of attorney (POA) authorizes them to act for you. Below is more information about how this estate planning document protects your interests and allows someone you trust to handle affairs.

Understanding the Durable Power of Attorney

What Does This Document Do?

A power of attorney is a legal document that gives a person you trust the authority to act on your behalf in business or personal transactions. As the principal, you create the document and the individual you designate becomes your agent or attorney-in-fact.

Different from a standard POA, a durable POA continues in effect even if you become incapacitated. Examples include being unconscious, in a coma, or having doctors diagnose you as unable to make sound decisions. Most POAs in Ohio are durable.

What a Durable POA Covers

Under Ohio’s Uniform Power of Attorney Act (UPOAA), you can choose what categories of personal or business matters you want it to cover. Your choices include transactions involving real estate, tangible personal property, stocks and bonds, banks, and business operations. You can also authorize an agent to apply for, receive, and handle government benefits or access personal or business digital assets. 

What Can an Attorney-in-Fact Not Do?

Attorneys-in-fact for durable POAs have substantial legal authority. However, unless their principal gives specific permission,  Ohio law forbids agents from taking certain actions. Agents cannot create or change a principal’s trust, change beneficiary designations or rights of survivorship, give away the principal’s property, let someone else act instead of the named agent, or give up the principal’s right to be a beneficiary of a joint and survivor annuity. These restrictions help protect your assets if an agent attempts to commit financial fraud or theft. 

When you want to add a durable power of attorney to your estate planning documents, turn to Dennis P. Faller, Attorney at Law in Wapakoneta, OH. Since 1979, this knowledgeable lawyer has provided residents throughout Auglaize County with personalized advice and representation to protect their assets and interests. To learn more about his legal services, visit him online, and call (419) 738-4578 to schedule a consultation today.