Effective March 22, 2012, Ohio adopted the Uniform Power of Attorney Act (Titles 1337.21 to 1337.64 of the Ohio Rev. Code). Changes apply to all powers of attorney in the state except that coupled with an interest in the subject of the power, such as powers given to a creditor; to make health care decisions; a proxy to exercise voting rights of an entity; or a power created on a governmental form to be used for a governmental purpose. [ Revised Code sections on Powers of Attorney ]
Marilyn Maag, a partner at Cincinnati's Porter, Wright, Morris & Arthur and Ohio State Bar Association Certified Specialist in Estate Planning, Trust and Probate Law, posted an analysis of the new law via LexisNexis "Communities" last week. (Full access requires subscription or can be purchased @ LexisNexis Store )
Ohio's new Uniform Power of Attorney Act (SB 117, signed last December) "adopts the Uniform Power of Attorney Act; to modify a trustee's duties with respect to life insurance policies, specifies a trustee's power to distribute trust principal in further trust, provides for the titling of assets in trust form; permits some, but not all, of specified parties to enter into a private settlement agreement; and makes other changes in the Ohio Trust Code; modifies the anti-lapse provisions regarding wills and adopts anti-lapse provisions applicable to trusts; provides a mechanism for a probate court to order a person who suffers from alcohol and other drug abuse to undergo treatment; and provides a procedure for the construction or modification of a trust that refers to the federal estate tax, generation-skipping transfer tax, or Ohio estate tax. (See Ohio Legislative Service's analysis)
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7 comments:
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