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Financial Power of Attorney in Ohio

A financial power of attorney, or POA for short, is a legal document allowing a person to name another person, called an “agent”, that is able to take care of their personal, financial, and business matters.

When a Financial Power of Attorney Takes Affect

There are different ways to determine when a financial power of attorney takes affect. A specific date can be indicated in the document for when the power of attorney is effective or an event can be used to determine when a power of attorney takes affect. Depending on the purpose of the power of attorney, the desired effective time may vary. If one wishes to have a power of attorney become effective when they are no longer mentally competent, then that should be specified.

Creating a Financial Power of Attorney

Fiancial POAA power of attorney is typically prepared after discussing the matter with an attorney. Once the desired powers of the agent and the effective date or event are determined, the attorney will prepare the document to be signed. The law in Ohio regrading POA’s has changed in recent years to prevent agents from abusing their powers. If you have not created a power of attorney or have an outdated power of attorney, contact a licensed Ohio attorney for more information. To contact Yates Law Office, LLC, click here to be directed to the Contact page.