In May 2012, Ohio’s version of the Uniform Power of Attorney Act became effective, which made many older financial power of attorney forms ineffective.
A Financial Power of Attorney gives an individual of your choice the authority to make financial decisions and perform financial transactions on your behalf.
Without an effective Financial Power of Attorney in place, should you become incompetent, a loved one would have apply to become a court appointed guardian to assist you with your finances. The court process to be appointed guardian generally takes a minimum of a month and a half and adds additional cost and headaches for the prospective guardian. In addition, a guardian cannot engage in many of the Medicaid planning strategies that an agent can under a properly drafted financial power of attorney.
For the reasons stated, if your Financial Power of Attorney was prepared before May 2012, or if it was prepared without Medicaid planning in mind, it is important to have it reviewed by an elder law attorney.
For more information on the Financial Power of Attorney, contact a Cleveland financial power of attorney lawyer.