Do I Need Any "Power of Attorney" Documents?
In Illinois, a "Power of Attorney" ("POA") is a document that gives legal authority to a person whom you trust to be your "Agent", & to make important decisions on your behalf. This power is typically important for situations when you are unable to speak for yourself after becoming incapacitated. There are many benefits to obtaining two "POA" documents in Illinois, and many people find peace of mind in obtaining these two documents while they are still in good health.
At the Law Office of Vincent C. Machroli, P.C., we can assist you in the process of producing "POA"s. Above all else, we want to make sure you feel secure and comfortable in making arrangements for the future. Our Illinois estate planning attorney can provide you with expert legal advice and guidance as to "POA"s. Here are three good reasons to have two specific "POA" documents in Illinois:
1. Financial Security
Many people wisely obtain a "POA" to protect their financial affairs. With such a "POA", you can choose someone to handle all of your financial affairs if you ever get into a situation where you cannot express your own wishes. This is referred to as a financial "POA", called a "POA for Property" in Illinois, which allows a person you trust to handle your financial affairs.
If you have concerns about still being able to use or deal with your bank accounts, property, or business in the event you lose the capacity to do so, obtaining a "POA for Property" is a very smart decision. Ideally, you should choose someone you trust to make decisions about your financial affairs. If you want to pass your assets on to beneficiaries, you also should look into obtaining a "Will", or a "Trust", as all "POA"s end when you die.
2. Healthcare Decisions
As you get older, you may have specific wishes in mind for how you should be treated as you reach the end of your life. A "POA for Health Care" document appoints a person, once again known as your "Agent", to see that your wishes are honored. With a "POA for Healthcare", you can take comfort in knowing that your healthcare wishes will be respected, even in situations when you cannot speak for yourself.
In many cases, a "POA for Healthcare" is drafted along with a "Living Will", which is a separate document that specifies your preferences for end-of-life treatment. The person you have named as your "Agent" in this "POA" can make sure your preferences are honored by medical personnel, even if your loved ones may disagree.
3. Avoiding a Court Appointing a Guardian Over You
Another reason to consider obtaining "POA"s is to avoid the need for a Guardian to be appointed by a judge to oversee your affairs. If you become incapacitated, the first question will be to see if you have any existing "POA"’s, & if not, a judge will appoint someone to handle your affairs; however, there is no guarantee that this person will be whom you would want it to be, or will serve your best interests, or respect your wishes.
Obtaining "POA" documents can put you at ease by clearly specifying who you want to handle your affairs if you cannot. You can even appoint different persons to be your "Agent" in your "POA for Property", vs. your "POA for Healthcare".
Meet With an Oak Park, IL Estate Planning Attorney
It is not easy to deal with sudden health problems. When a serious accident or medical problem robs you of your ability to speak for yourself, your loved ones might interpret your wishes differently than you would prefer them to, but if you have already obtained the 2 above-stated "POA" documents prior to such situations, you will have made sure that the persons you want have been given the authority to deal with your financial affairs, and deal with healthcare decisions as to you. A Hillside, IL estate planning lawyer with the Law Office of Vincent C. Machroli, P.C. can help you in the production of "POA"s that protect your best interests. Call our offices at 708-449-7404 to schedule a free consultation.