- The Statutory Financial Power of Attorney form will lead you through a series of questions. You will then be able to print and sign your form at the end of the interview.
Frequently Asked Questions
What is a Financial Power of Attorney?
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.
What is a Durable Financial Power of Attorney (DFPOA)?
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.
What is Ohio's Statutory Power of Attorney?
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.
Can a DFPOA be Terminated?
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.