Do Not Wait to Set Up Powers of Attorney
Trying to formulate a plan for the future can intimidate most people that try to do it. Now to be realistic, it is impossible to plan for every little thing that could happen. However, it is possible to make sure that all of your legal bases are explored and taken care of.
As part of the estate planning process, residents of Illinois are able to set up powers of attorney to fully protect their wants and wishes in case they become incapable of making decisions for themselves. Setting up powers of attorney in advance will benefit your loved ones in the case that it needs to be applied.
What is a Power of Attorney?
A power of attorney is a legal document in which you appoint the person or persons who will be accountable for making decisions for you in the case that you are unable to. There are two different types of powers of attorney. One is for health care purposes, the other is for financial matters.
Health Care Power of Attorney
With a health care power of attorney, you will choose who will get to make any medical choices for you in the case that you are unable to. You will also be able to include any explicit information that you would like them to adhere to in a health care directive. By choosing a personal representative and keeping a record of your wishes, this can help lessen any family friction and will also make sure that everyone is aware of what your preferred treatments are.
Financial Power of Attorney
In a financial power of attorney, you will get to pick the person who will be in charge of your assets and money management in the event that you are no longer able take care of these matters for yourself. This person will control the following things — among various others:
- Pay your bills
- Pay your taxes
- Access all of your financial accounts
- Sell your assets
- Manage real estate holdings
Limitations of Power
If you worry that a power of attorney will give someone too much power with your medical and financial decisions, don’t be. You are able to set limitations to prevent this from happening, but the state of Illinois also has guidelines and limitations as to how much power these personal representatives actually have. At the end of the day, this person must make the choices that will follow what your best interests are.
Creating powers of attorney can be complex and confusing at times. Having an experienced estate planning attorney can walk you through the entirety of both health care and financial power of attorney documents so that you can know that your wishes are fully and clearly documented.
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