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Imagine you and your spouse get into a car accident. You will be okay but you will both be in the hospital for six weeks. If you both have good Powers of Attorney documents that provide for alternate agents then those people that you trust will be able to conduct financial affairs on your behalf so your bills do not go unpaid! Unfortunately, many Powers of Attorney simply list spouses only with no alternates. A good Power of Attorney documents will have alternates in place.

Imagine you have a stroke and will need nursing home care. With nursing home costs at an average of almost $7,000 per month, your spouse wants to do some Medicaid planning so you will not lose all of your hard-earned savings to the nursing home. However, you are now unable to sign legal documents. A good Power of Attorney that is fully compliant with the new laws (as the Power of Attorney laws in Ohio changed back in 2012) will allow your spouse to do the needed Medicaid planning on your behalf and save much of your hard-earned savings!

These are just a couple of examples as to how important the Power of Attorney document can be. You want to make sure you have a very robust Power of Attorney that is fully compliant with the laws. It is always good to be prepared! Remember, you never know when an accident will happen.