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Financial and health care powers of attorney are essential estate planning documents. Having these documents in place can avoid the need for a guardian to be appointed in the future, in the event you become unable to handle your financial affairs or make your own health care decisions. A power of attorney allows you, rather than the court, to name the individual(s) who will make decisions on your behalf. The individual(s) you designate are called agents.
We regularly assist clients with creating financial powers of attorney to name one or more agents to assist with their financial affairs. In Ohio, the statute governing financial powers of attorney lists certain actions an agent cannot perform unless the power of attorney document gives the agent express authority. These powers can be very broad in scope, but proper planning can limit the way in which these special powers are exercised. Our Estate Planning attorneys assist clients with drafting customized financial powers of attorney by evaluating which powers might be appropriate to grant and implementing safeguards to ensure our clients are protected.
A health care power of attorney names one or more individuals to make health care decisions for you when you are no longer able to do so. Without a valid power of attorney, a court appointed guardian make these decisions. In order to carry out your wishes regarding your health care, it is important to have a health care power in place.
Please contact us today for assistance with the preparation of powers of attorney or with updating your existing powers of attorney.