Estate Planning Lawyer Elgin IL – Law Offices of Anthony R. Scifo – Call 847-628-8311
A power of attorney is a legal document granting permission to someone to implement legal actions upon your behalf in the event you are not able to do so. The “attorney in fact” is a designated representative who sees that your wishes are carried out. It is important to select this person wisely and to be sure that you understand what type of power of attorney is the most appropriate to your situation.
There are 4 main categories when it comes powers of attorney:
-A general power of attorney. This grants your agent that ability to take any legal actions that you could, too. It enables your agent, for instance, to close or open a banking account, sign checks, sell property or sell and buy stocks. However, because it provides such a wide range, this type of power of attorney may not be appropriate for everyone.
-A special power of attorney provides an individual with the authority to conduct specific legal actions only. A special power of attorney, as an example, could permit a Realtor to sign the closing documents if you are purchasing a home or permit a relative to pick up documents for you if you are hospitalized. A medical power of attorney enables the person you designated as your agent – such as a partner or spouse – to make decisions regarding your medical care if you’re incapacitated.
Estate Planning Lawyer Elgin IL – 847-628-8311
-A “springing” power of attorney takes effect in the event you’re alive yet incapacitated. A person with a terminal condition or suffering from Alzheimer’s could draw up this type of document to ensure their family has access to banking accounts and is able to carry out other tasks. This form, though, can present complexities and should detail precisely what shall determine that you are “incapacitated.” Consult with an Estate Planning Lawyer Elgin IL if you believe you might require this kind of power of attorney.
-A durable power of attorney is among your most essential documents with respect to estate planning.
It enables your agent to issue decisions and stays in effect if you suffer incapacitation. Durable power of attorney expires, though, upon your death. This form will enable your spouse and other family members to manage your finances without the hindrance of waiting for authorization from the court.
To protect against the risk of misuse, confirm that any powers of attorney you draft will include the expiration date – except if your Estate Planning Lawyer Elgin IL advises a durable power of attorney. For instance, if you are planning to travel and want to grant another adult relative the authority to
take your child out of school or to a doctor while you’re away. In that situation, you’d set a time limit
on the powers of attorney to the length of your trip and indicate which actions they may take during your absence. To renew the power of attorney, you’d need to draft a new one.
Even though there are several do-it-yourself templates, legal and planning experts typically recommend hiring an Estate Planning Lawyer Elgin IL for assistance. Having an experience lawyer draw up the document will ensure that you will have a power of attorney that is right for your needs, understand how it may be used and understand what could occur if someone were to abuse your trust in their position as your agent.
What power of attorney does not enable
Even if someone has a signed power of attorney, they could not carry out tasks such as executing your will or signing a marriage license. Businesses or banks can decline to honor any type of power of attorney according to their own discretion. The IRS mandates a particular of power of attorney in order to allow a relative or friend to cash a tax refund check.
An Estate Planning Lawyer Elgin IL can be very helpful throughout the planning process as well as afterwards during probate court. Your lawyer will offer expertise and an understanding of the state and federal laws that can impact your estate.
Living Wills – Estate Planning Lawyer Elgin IL
A living will is an important component of estate planning. (There are significant differences, though, between a living will and a last will and testament that your Estate Planning Lawyer Elgin IL can explain to you.)
Most people usually understand that a legal will is a document stating your final instructions after you die. With a valid will in place, the court may ensure that your directions will be fulfilled after your death. If you die without a will, the courts will typically make these significant decisions on your behalf.
A living will is also sometimes referred to as an advance medical directive. It’s a document which enables you to issue decisions regarding your medical care in the event you’re ill or injured and depending upon life support systems to remain alive.
A last will is document that serves to distribute your assets and properties to your named beneficiaries, state your final wishes and identify guardians for minor age children. A living will, on the other hand, enables you to give healthcare directives for your medical care, such as if you wish to donate organs or receive life support.
A living will – just as the term indicates – takes effect while you are alive, declaring your instructions in the event you’re not capable of making decisions on medical care for yourself. For instance, if you suffer from a life-threatening accident or became incapacitated due to an illness, decisions regarding your care will be followed according to your directives as long as there’s a living will. Without a living will, the decisions will be up to your spouse, relatives or a third party.
Many people utilize the expertise of their Estate Planning Lawyer Elgin IL to create a living will for them. This is typically the best way to go because your estate planning lawyer understand the Illinois laws that will govern distribution of your estate. Additionally, your Estate Planning Lawyer Elgin IL can answer any questions you might have as well as represent you in case of a contested will.
Selecting a Living Will Agent
A living will is the document in which you state your wishes regarding your medical care. However, a living will agent is the person tasked with ensuring your wishes will be carried out. For that essential reason, naming a living will agent is important. In most states, this individual must be an adult and act according to the instruction in your living will. It’s important to understand that the agent is not making decisions on your behalf. Rather, they are verifying that your instructions are going to be carried out just as you wanted.
Consider talking to your Estate Planning Lawyer Elgin IL about creating a living will if:
-You wish to clearly specify your intentions to ensure they’re carried out.
-You’re facing a possibility of hospitalization or a major surgery due to injury or illness.
-You would like to complete the estate planning process.
-You have received a diagnosis of a terminal, progressive condition.
Call 847-628-8311 to consult with an experienced Estate Planning Lawyer Elgin IL.