Signing Requirements
The principal is required to authorize in the presence of a notary public. If the Agent Certification is completed, the agent must also have their signature acknowledged.[1][2]
Powers Granted
A principal may authorize an agent to make decisions about things like:[3]
- Real property;
- Tangible personal property;
- Stocks and bonds;
- Commodities and options;
- Banks and other financial institutions;
- Operation of entity or business;
- Insurance and annuities;
- Estates, trusts, and other beneficial interests;
- Claims and litigation;
- Personal and family maintenance;
- Benefits from governmental programs or civil or military service;
- Retirement plans;
- Taxes; and
- Gifts.
Unless specifically granted, an agent does not have the power over:[4]
- Create, amend, revoke, or terminate an inter vivos trust;
- Make a gift;
- Create or change rights of survivorship;
- Create or change a beneficiary designation;
- Delegate authority granted under the power of attorney;
- Waive the principal’s right to be a beneficiary of a joint and survivor annuity;
- Exercise fiduciary powers that the principal has authority to delegate.
“Durable” Definition
“Durable,” with respect to a power of attorney, means not terminated by the principal’s incapacity.[5]
“Power of Attorney” Definition
“Power of attorney” means a writing or other record that grants authority to an agent to act in the place of the principal, whether or not the term power of attorney is used.[6]
Revocation
A durable power of attorney terminates when any of the following occurs:[7]
- The principal dies;
- The principal revokes the power of attorney;
- The power of attorney provides that it terminates;
- The purpose of the power of attorney is accomplished;
- The principal revokes the agent’s authority or the agent dies, becomes incapacitated, or resigns;
An agent’s authority terminates when any of the following occurs:
- The principal revokes the authority;
- The agent dies, becomes incapacitated, or resigns;
- An action is filed for the divorce, dissolution, or annulment of the agent’s marriage to the principal;
- The power of attorney terminates.
Statutory Form
Yes, the State of Ohio has a statutory form.[8]