Chances are you've heard the term "power of attorney" at some point, probably in reference to health care decisions. Although that is one type of power of attorney, it isn't the only one. This article will touch on the different types of powers of attorney and focus on the Ohio power of attorney for financial affairs.
Let's start with the basics. A proper estate plan that protects both you and your assets includes the following legal documents: (1) Last Will and Testament; (2) Durable Power of Attorney; (3) Medical Power of Attorney; and (4) Living Will. In my estate planning practice, clients frequently ask: What is a Durable Power of Attorney? Since the purpose of Durable Powers of Attorney is a frequent point of discussion, below I discuss this estate planning tool's function.