One of the most important steps in the estate planning process is establishing who will have legal authority to make decisions about your affairs when you die or are rendered incapable of doing so through illness or an accident. A power of attorney — sometimes called a POA or letter of attorney — is the legal instrument used to name these people and establish the extent of their decision-making rights.
Most people should have at least two powers of attorney drafted while they are of sound mind and body:
- A durable power of attorney for property, providing a designated agent the authority to make financial decisions and execute various transactions such as account withdrawals and deposits, real estate transactions and more
- A durable power of attorney for health care, providing the agent the authority to make medical and personal care decisions
Explaining Legal Options and Helping Clients Work Through Pivotal Decisions
Like other estate planning documents, powers of attorney should be carefully drafted in view of your specific wishes and goals. Our lawyers in Palatine can develop a power of attorney that is either open-ended or limited in its duration, and very broad or extremely specific in the extent of the authority given to the agent.
We take the time to help clients work through decisions about who is the best person to designate for any type of power of attorney, and, importantly, we will explain to that person what his or her responsibilities will be. These are both sometimes very important steps, since financial abuse of the elderly is increasingly common and no one — even a close family member — is legally obligated to accept the designation and the liability that comes with it.
Experienced estate planning lawyers at Molohon, Sandquist & James, LLP, are prepared to thoroughly assess your needs and draft health care and property powers of attorney in compliance with all Illinois laws. We have in-depth familiarity with these laws and their evolution, including changes to statutory power of attorney forms made in mid-2011.
Get Counsel From a Proven Cook County Health Care and Property POA Attorney
If you want to begin the estate planning process or amend a power of attorney, will, trust or other documents to reflect current circumstances, please contact us. We offer a free consultation and emphasize personal, caring service to each client and family we assist.
