Power of Attorney

A power of attorney is a vital legal document that grants one person, known as the agent or attorney-in-fact, the authority to act on behalf of another person, known as the principal, in financial or healthcare matters. This arrangement ensures that decisions can be made and actions taken even if the principal becomes incapacitated or otherwise unable to manage their affairs. There are different types of powers of attorney, including durable, which remains in effect even if the principal becomes incapacitated, and limited, which grants specific powers for a defined period or purpose.
Make things easy for your family as you grow older by having the necessary Power of Attorney in place or ready to go as needed. Rhodium Law can take the trouble and anxiety out of putting together the documentation you need to prevent future conflicts and hurdles regarding your finances, living situation, health, and more. Giving someone power of attorney is a big step, and we can help you make it with ease.

What Is a Power of Attorney?

A power of attorney (POA) is a legal document that allows someone (the principal) to appoint another person (the attorney-in-fact or agent) to make decisions and take actions on their behalf while the principal is still alive. There are two types of power of attorney that can be granted: a financial power of attorney and a healthcare power of attorney. For a financial power of attorney, the principal can determine whether the delegated powers take effective immediately or only upon the occurrence of a defined future event. For a healthcare power of attorney, the delegated powers will only take effect when you are no longer able to make healthcare decisions for yourself.
There are a number of reasons why it can prove beneficial to have a power of attorney established. One, there may be potential privacy benefits that arise through the use of a financial power of attorney. Two, a financial power of attorney can prove convenient, allowing you to send your agent to handle certain matters while you are unavailable. Three, in the event of any incapacity, your power of attorney can step in to make important financial or healthcare decisions on your behalf.
A power of attorney may grant your agent the authority to handle a wide range of matters, but you are able to specify which powers you want to grant in the document. So, carefully consider the authority you grant in a power of attorney and choose someone you trust. The powers granted can cover a wide range of areas, such as:
  • Financial Matters – With a power of attorney, you can authorize your agent to manage your finances, pay bills, file taxes, and make investment decisions on your behalf. This is especially useful if you are unable to handle these matters due to illness, disability, or absence. If you're unable to handle real estate matters personally, you can grant your agent the power to buy, sell, or manage your property. This involves signing documents, negotiating contracts, and handling payments. A power of attorney can also authorize your agent to represent you in legal matters, such as signing legal documents, initiating lawsuits, or defending your rights in court.
  • Healthcare Decisions – A healthcare power of attorney grants your agent the authority to make medical decisions on your behalf if you become incapacitated and unable to communicate your wishes. This includes decisions regarding treatment options, medical interventions, and end-of-life care. It’s important to note that a Healthcare POA is different from a living will, and we do recommend our clients have both documents in place.

Contact an Estate Planning Lawyer to Draft Your Power of Attorney

Make things as stress-free for your family as possible with each year that passes. A power of attorney is a core component of a solid estate plan. Reach out to Rhodium Law to schedule a free consultation and talk to a trusted Cleveland estate planning attorney now.

Why Do You Need a Power of Attorney Drafted by a Lawyer?

No one wants to think of a day where they won't be able to make their own financial or healthcare decisions. But, the unfortunate reality of life is that such a day may come. Without a power of attorney in place, a court may step in to appoint someone else to manage your financial affairs, which may include making certain important decisions about any business interests you have, and/or your healthcare. Such a proceeding would be public, and possibly leave your well-being subject to someone not of your own choosing.
Hire an experienced Cleveland estate planning attorney to ensure that your power of attorney meets Ohio’s legal requirements. Working with a knowledgeable lawyer ensures that your POA is tailored to your specific needs as well. They will ensure that the document covers all the necessary provisions and safeguards, providing you with peace of mind.
At Rhodium Law, we know what questions to ask to help you identify your needs. Even just choosing the right type of POA for your situation is best done with legal guidance from a trusted professional. Additionally, an attorney can also help update or revoke your POA as circumstances change.
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Rhodium Law, LLC is an estate plannning and elder law firm serving clients in Greater Cleveland and throughout the State of Ohio. We assist individuals and families to STRATEGIZE, SECURE their legacy, and help their golden years SHINE bright.
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