Power of Attorney Lawyers in Chicago, IL

Creating Carefully Crafted Documents to Protect What Matters Most

It can be difficult for people to consider future circumstances where they may lose the ability to make key choices independently. Unfortunately, age-related mental incapacitation, medical emergencies, terminal illness, and catastrophic accidents can occur and leave us without the capacity to make or communicate decisions about finances, medical treatments, and more. While it may be uncomfortable to think about these situations, planning for incapacity while you are still healthy is essential for safeguarding your well-being and giving your family peace of mind during challenging times. 

Establishing power of attorney (POA) documents with the assistance of a lawyer from Nery & Richardson, LLC offers numerous benefits for you and your loved ones. These legal instruments allow you to designate a trusted agent to make important decisions on your behalf if you become unable to manage your affairs. By working with a knowledgeable Chicago estate planning attorney, you can ensure your POA documents are correctly drafted, legally valid, and tailored to your specific needs and wishes.

What is the Role of Powers of Attorney in Your Estate Plan?

There are two primary types of power of attorney documents that are essential components of a comprehensive estate plan: 

• Durable power of attorney: This document grants your chosen agent broad powers to manage your financial and legal affairs, even if you become mentally incapacitated. This document remains in effect until the principal dies or revokes it.
• Health care power of attorney: A health care power of attorney specifically authorizes your agent to access your medical records, discuss your care with doctors, and make medical decisions on your behalf if you cannot do so yourself.

When Do Your Illinois POA Documents Go Into Effect?

Durable powers of attorney typically go into effect immediately upon signing unless otherwise specified in the document. However, because most people prefer to retain sole control over their affairs until they need their agent’s assistance, many individuals choose to create “springing” durable POAs. A springing durable POA is designed to become active after you are declared incapacitated by a doctor. The main drawback of a springing POA is that it can take time to obtain a physician’s declaration of incapacity, which may cause challenges for your agent. It’s key to discuss the advantages and disadvantages of a springing POA with your legal advisor to ensure you choose the right option for you. Health care powers of attorney generally only become effective when you are deemed unable to make your own medical decisions. 

What Are the Advantages of a Durable POA?

Appointing a trusted power of attorney to handle your affairs offers significant financial benefits and peace of mind. An agent’s duties may include paying bills, managing investments, filing taxes, and handling other critical financial matters if you cannot do so. By setting up a mechanism for an agent to step in, you can prevent missed payments, economic losses, or legal issues with banks or other financial institutions that could arise if your affairs went unmanaged. Additionally, having a durable POA in place can avoid the need for time-consuming and expensive guardianship proceedings if you become incapacitated.

How Do You Choose an Agent?

Before you grant authority to a power of attorney agent, it’s crucial to choose someone you trust implicitly who also possesses good judgment and financial acumen. The extent of your agent’s powers can be customized in the POA documents. Still, depending on the type of POA, the individual will generally have authority over your financial affairs and property management or health care decisions.

Ideally, your agent should live nearby, be familiar with your wishes and values, and be willing to take on the substantial responsibility of making choices without your direct input. Remember that this person may have to navigate differing opinions from family members while centering your wishes, so it may be essential to pick someone who is comfortable dealing with conflict or stress. Consider naming a successor agent in case your first choice is unable or unwilling to serve when needed. It’s also wise to have open discussions with potential agents about your expectations and preferences. 

What is the Difference Between a Health Care POA and a Living Will?

A health care power of attorney document can work in tandem with a living will or advance directive to ensure your medical wishes are respected. While a health care POA designates someone to make decisions on your behalf, a living will outlines your preferences for end-of-life care and treatment. Together, these documents provide a comprehensive framework for your medical care if you become incapacitated. Your health care agent can use your living will as a guide when making decisions, helping to ensure your wishes are carried out.

How Do I Create a POA in Chicago?

There are specific Illinois laws and requirements governing power of attorney designations. The Illinois Power of Attorney Act provides statutory forms for both health care and property (financial) powers of attorney. While you’re not required to use these exact forms, adhering to the statutory language in your legal document can help ensure your POA is recognized and honored by health care providers and financial institutions. Illinois law also requires that the principal (person granting the POA) be of sound mind when signing the document. You must also have the power of attorney form notarized and properly witnessed for validity.

Why is Consulting an Experienced Attorney Essential?

Enlisting the assistance of an experienced Chicago estate planning attorney can be vital when drafting or modifying your power of attorney documents. A knowledgeable lawyer can help ensure your documents are correctly executed and customize the POA to your specific goals and circumstances. They can also advise you on important considerations, such as whether to allow your agent to have gifting powers or the ability to change beneficiary designations on documents. Additionally, an attorney can help you coordinate your POA documents with your overall estate plan to avoid potential family conflicts or unintended consequences.

Working with a Chicago lawyer to establish your power of attorney documents provides numerous advantages beyond simply filling out forms. An experienced lawyer can help you think through various scenarios and possible issues that may arise, ensuring your POA is inclusive and adaptable to changing circumstances. They can also advise you on strategies to prevent potential abuse or misuse of the POA, such as including accountability measures or limiting the scope of authority in certain areas.

Why Reach Out to Our Trusted Law Firm?

Establishing well-crafted power of attorney documents with the guidance of a Chicago attorney is a crucial step in protecting your interests and ensuring your wishes are carried out if you become incapacitated. By carefully considering your options, choosing trustworthy agents, and working with a skilled legal professional, you can create POA documents that provide a sense of security for you and your loved ones. 

Our skilled power of attorney lawyers at Nery & Richardson, LLC can guide you through every step of the process to help you reach your desired outcomes. Remember that these documents should be reviewed and updated periodically to reflect changes in your circumstances or wishes and ensure continued legal validity and effectiveness. To schedule a consultation, contact our office today at 773-232-6643.