A financial power of attorney (FPOA) is a written document by which a competent adult, known as the principal, appoints and authorizes another competent adult, known as the attorney-in-fact (A-I-F), to act on the principal’s behalf.  Financial powers of attorney usually cover financial, business, personal and real estate matters.

A healthcare power of attorney is different, because a healthcare power of attorney will allow the attorney-in-fact to make treatment decisions for you when you are unable to make those decisions yourself.

A durable financial power of attorney (DFPOA) authorizes the attorney-in-fact to act on behalf of you, the principal, even after you become incapacitated or incompetent.  FPOAs are durable by default, unless they specifically provide that they terminate by principal’s incapacity.  Non-durable FPOAs are rare because they terminate when the principal becomes incapacitated or incompetent.

The Ohio Revised Code includes a blank form that can be used to create a DFPOA on your own, without acquiring legal counsel.  However, the document must be signed and notarized if it authorizes the transfer of real estate.  The form included in this toolkit  and instructions regarding the form can be found by completed the statutory financial power of attorney interview.

Yes.  A DFPOA can be ended if you state in writing that you are revoking it, if the DFPOA itself states that it ends at a certain time or event, or if you die.  A DFPOA is not affected by your incapacity or incompetence nor by the passing of time.  An A-I-F may continue to act past the revocation or your death until the A-I-F has actual knowledge of your death or the revocation.

A springing DFPOA which becomes effective when you become incapacitated, terminates when you die or when your incapacity ends.  If another event or a particular date springs into effect a springing DFPOA while you are still competent, it can be terminated by your written revocation or by your death.  The revocation should be signed, dated, and notarized.

A recorded DFPOA, which gives the A-I-F the power to buy and sell registered land, cannot be revoked unless the revocation or death of the principal is recorded in the same office where the DFPOA was originally recorded.  In addition, to be effective, any revocation of a DFPOA must be given to the original A-I-F.  The A-I-F must also be notified of the pricipal’s death because any act the A-I-F does in good faith, without knowledge of the pricipal’s death or revocation of the DFPOA, is valid and enforceable against the heirs and personal representatives of the deceased principal.

Yes.  Unless the power of attorney provides a different method for an agent’s resignation, an agent may resign by giving notice to the principal and, if the principal is incapacitated, to whichever of the following applies:

1. The guardian, if one has been appointed for the principal, and any co-agent or successor agent;
2. If there is no person described in (1) above, to any of the following:
   • The principal’s caregiver;
   • Another person reasonably believed by the agent to have sufficient interest in the principal’s welfare;
   • A governmental agency having authority to protect the welfare of the principal.

See RC § 1337.38.

Although any FPOA default provision can be changed with Special Instructions, there are several choices built into the Ohio Statutory do-it-yourself form interview that may result in Special Instructions:

1. If during the do-it-yourself FPOA interview you choose that your agent should not be compensated for performing his/her duties as your agent, then that choice appears as a Special Instruction because such compensation is built into the form unless you state otherwise.
2. Similarly, by default your FPOA becomes effective immediately upon signing. But you can change that by choosing that it shall not become effective until you become incapacitated and that choice will appear as a Special Instruction.
3. Although the form FPOA does not have a place to name a co-agent, that provision can also be added as a Special Instruction.
4. The Special Instructions above will be automatically created when you choose that option in the do-it-yourself FPOA interview. However, you also have the opportunity to type your own Special Instruction during the do-it-yourself FPOA interview if you wish.  For example, your agent’s authority will continue until you die unless you specify a shorter period of time in the Special Instructions.

The Agent’s Certification As To The Validity Of Power Of Attorney And Agent’s Authority Form is a statutory optional form that may be used by an agent to certify facts concerning a power of attorney.  The agent may be asked to certify facts concerning a power of attorney by a person or business that the agent is doing business with as proof that his agency is valid.

See RC § 1337.61.