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Ohio Statutory Form Power Of Attorney: What You Should Know

An Ohio Power of Attorney (Statutory Form), is a document that authorizes your agent to exercise certain financial powers in your name without your knowledge or authorization. The most common types of power of attorney include the following: Power of Attorney for Life, Power of Attorney for a Certain Purpose, and Power of Attorney for Divorce; or other legal documents. Power of attorney forms differ depending on the purpose being granted. For example, a power of attorney granting access to funds held in a bank account can include authorization to withdraw money from the bank account, the issuance of instructions to any third-party account, and other financial matters; and a power of attorney giving you the right to sign a contract could include the obligation to receive notice of a nonpayment transaction. In other words, if you are signing a power of attorney that authorizes access to assets, it may be more appropriate in Ohio if the person seeking access to the assets lives in another state than the state the account resides. To determine the type of document you need for your power of attorney, contact a financial adviser. The Ohio Board of Financial Supervision (the statutory agency that regulates many financial services) and the State Bar and Ohio Common Pleas Commission also offer free forms and guides for people interested in creating and using legal power of attorney forms. Call to learn more. Power of attorney forms are the most common documents used in Ohio. You can request legal advice using the Ohio Power of Attorney Form and ask that the legal adviser review the form before you sign. An Ohio Power of Attorney is valid for four years and may be renewed for additional three-year periods if there is a material change in your financial life. After you have obtained a power of attorney with the legal adviser, you may be eligible to amend the power of attorney form. In a nutshell, you can get free legal advice. Ohio offers free online legal aids, so you may order or obtain a free copy of your power of attorney from any online lawyer. The legal adviser will complete your Power of Attorney on your behalf. Power of attorney for life or for a certain purpose may be more expensive than one using the other type. If the legal adviser has signed your form for you, that is fine. However, once the adviser signs the power of attorney form, that is the end of the story.

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