Ohio Durable Special Power of Attorney Granting Agent the Right to Execute Oil and Gas Leases, Attendant instruments, and Deal with Oil and Gas Properties

State:
Multi-State
Control #:
US-OG-021
Format:
Word; 
Rich Text
Instant download

Description

This power of attorney grants the agent/attorney in fact more comprehensive powers in dealing with oil and gas properties. By being durable, it allows the agent to execute oil and gas leases and otherwise deal with properties after the disability or incapacity of the principal/owner.
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FAQ

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 revocation of power of attorney form, when properly executed, will cancel a valid power of attorney document. It is possible to revoke a power of attorney orally (with the proper witnesses present), but a written revocation form serves as a much more secure way of terminating a POA.

The principal has the right to revoke a power of attorney at any time and appoint an alternate agent (provided they're of sound mind). However, for the revocation to be valid, the principal needs to expressly state their intent to revoke the POA in writing.

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.

It must be dated, signed by the principal at the end of the document, either signed by two witnesses or notarized, and include a specified statement regarding who can be an attorney in fact.

A power of attorney(POA) is a document giving someone permission to do something for someone else. It gives another person the legal authority to act on your behalf. You may record your power of attorney at your local county Recorder's Office, but you don't have to.

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Ohio Durable Special Power of Attorney Granting Agent the Right to Execute Oil and Gas Leases, Attendant instruments, and Deal with Oil and Gas Properties