Ohio Durable Power of Attorney to Execute Oil and Gas Lease
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How to fill out Durable Power Of Attorney To Execute Oil And Gas Lease?
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FAQ
This power of attorney authorizes another person (your agent) to make decisions concerning your property for you (the principal). Your agent will be able to make decisions and act with respect to your property (including your money) whether or not you are able to act for yourself.
A regular FPOA (also called a "durable" financial power of attorney) is active immediately, and will continue to be active if you become incapacitated. A springing FPOA is active after a specific date or event. For example, some people write into their FPOA that it is only active if they become incapacitated.
An Ohio durable (statutory) durable power of attorney form enables a person (?principal?) to appoint another person (?agent?) whom they trust to handle financial matters on their behalf. The term ?durable? refers to the form remaining legal even if the principal should become mentally handicapped.
Here are the basic steps to make your Ohio power of attorney: Decide which type of power of attorney to make. ... Decide who you want to be your agent or surrogate. ... Decide what powers you want to give your agent or surrogate. ... Get a power of attorney form. ... Complete the form, sign it, and then have it notarized or witnessed.
A financial power of attorney in Ohio is durable unless it specifically states it will be terminated by the principal's incapacity. Powers of attorney must be signed by the principal or in the principal's conscious presence by someone the principal directs to sign it.
The POA cannot transfer the responsibility to another Agent at any time. The POA cannot make any legal or financial decisions after the death of the Principal, at which point the Executor of the Estate would take over. The POA cannot distribute inheritances or transfer assets after the death of the Principal.
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.
One major downfall of a POA is the agent may act in ways or do things that the principal had not intended. There is no direct oversight of the agent's activities by anyone other than you, the principal.
