When thinking about your estate, you need to consider more than just your current and potential assets. Guardianship proceedings are generally straightforward, but they do take time and additional expense during a time in which your family may be reeling from your dramatic change in health.Īt the Hays Firm, Durable Powers of Attorney are a key component of the Estate Planning services that we offer. Your family need to institute guardianship proceedings in order to make health care decisions and financial decisions for you. If you become disabled or incapacitated, and you do not have a durable power of attorney in place, then your family may not be able to make decisions on your behalf. However, you may amend this power – or any other power – or delete it entirely. For instance, the Illinois Durable Power of Attorney for Property provides that your agent may enter into loan transactions on your behalf. The forms are found in the Illinois state statutes and may be modified as necessary. ![]() Illinois law provides a form for both a Durable Power of Attorney for Health Care and a Durable Power of Attorney for Property and Finances. In fact, each state has a form that was created by the state legislature which individuals may use. Additionally, your family members may use a financial durable power of attorney to ensure that your bills continue to be paid.Ī durable power of attorney is permitted by all fifty states. A health care durable power of attorney helps your family members continue your health care uninterrupted if you become disabled. Therefore, durable powers of attorney documents are very useful estate planning tools. The durable power of attorney ends only after the principal dies. A “Durable Power of Attorney” will stay in effect even after the principal is incapacitated. However, some powers of attorney are not limited by time or subject matter. The agent can no longer sign documents on behalf of the principal. Once the closing ends, the power of attorney is no longer effective. The principal signs the document that appoints the attorney as an “agent” or as an “attorney-in-fact”. In this case, the seller of the property is the “principal” named in the power of attorney document. For example, in a real estate transaction, the seller of the property may give his or her attorney the power to sign closing documents on his or her behalf. General power of attorney documents are frequently granted for a limited time or purpose. ![]() What Is a Durable Power of Attorney in Illinois? THE BENEFITS OF HAVING A DURABLE POWER OF ATTORNEYĪ “Power of Attorney” document grants a person the power to act on behalf of another person.
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