In Ohio, a financial power of attorney is a legal document that grants someone the authority to make financial decisions and manage assets on your behalf. These decisions could range from writing checks for your expenses to managing your real estate assets. This document is a must-have as part of your estate plan because it designates a trusted person to act in good faith on your behalf and manage your finances.
Since a financial POA gives decision making authority to your designated agent, it is important to choose someone who you trust to carry out your wishes. If you become incapacitated or unable to make sound financial decisions, and you don’t have a financial POA in place, a probate court can appoint a guardian to manage your financial assets. While most POA agents are trustworthy, it is better to choose someone you know and trust, rather than leaving it to chance. A financial power of attorney does just that.
Quick decision-making is crucial in financial matters. A financial power of attorney allows the chosen agent to act promptly, ensuring bills are paid, investments are managed, and other financial responsibilities are handled without delays or risk of default.
Having a financial POA gives your agent the authority to protect your assets, including investments, buying, or selling property, or handling financial transactions that protect your financial best interests.
By appointing a trusted agent in advance, you can reduce the risk of financial exploitation or abuse during any period when you are not mentally able to make decisions on your own. Your designated agent is legally obligated to act in the principal’s best interest and protect your assets from being exploited.
Your HCPOA agent is responsible for your well-being. If you become unable to care for yourself, your HCPOA will be responsible for making the decision to transfer you to an assisted living facility where you will be cared for in a secure environment.
Working with CPM estate attorneys helps you create a thorough financial power of attorney that not only designates your agent but provides direction for how you want your assets managed if you become incapacitated. This collaboration covers vital aspects including scope of authority, effective dates and duration, guidelines for revoking financial POA authority, and any special instructions or limitations that you want to include.
Relying on our experienced, professional estate attorneys at Carlile, Patchen & Murphy ensures your financial matters are handled according to your wishes. If you don’t currently have a financial power of attorney or need to make updates, reach out to Carlile Patchen & Murphy today. We’ll guide you through the process, ensuring that your financial POA is ironclad and protects you and your estate.