When Ohio residents creating an estate plan, one of the things that they may want to do is to select agents for powers of attorney. Powers of attorney allow people who are trusted to handle things or make choices if the person becomes incapacitated. For instance, financial powers of attorney are a common document that allows named agents to make financial decisions for the principal who can no longer make them.
When selecting someone to make decisions about a person’s finances or health care, it’s important that this person is a trusted individual. However, it’s also essential that the person selected is going to be able to handle the role. If people want to create a power of attorney that will allow an agent to sell their home for them, they’ll want to select someone who is good with money and understands issues related to selling a home.
When selecting an agent for a health care power of attorney, individuals should select someone who understands their health issues and potential concerns. It’s also important that they let the people they want to name as agents know before creating documents doing so. This will allow them to understand what will be expected of them and ensure that they will accept the responsibility.
Along with being able to draft wills, trusts and powers of attorney, lawyers can also assist people in ensuring that their estate plan is up to date. Laws related to estate planning and estate taxes can change, and if documents aren’t updated, people’s estate plans may not work as intended. Additionally, it’s essential that named beneficiaries are updated as people’s lives change after births, deaths and divorces.