Establishing Powers Of Attorney
While not desirable to consider, there may come a point in life when you are either physically or mentally incapacitated. It is important to proactively plan for these unexpected events within your overall estate plan.
Howard & Hardyman LLP has protected a number of Illinois families from unexpected misfortunes by establishing powers of attorney. We can explain your options and help you implement a secure plan that documents your preferences and prepares for any eventuality.
Understanding Your Options
There are several powers of attorney options to designate care in different areas of your life. Two of the most common include:
- Property power of attorney
— You name an agent to manage your financial decisions in the case of incapacity. They pay bills, medical expenses, living expenses, manage financial accounts, investments and operate your business.
- Heath care power of attorney
— You name an agent to make medical and end-of-life decisions on your behalf. You can also create a living will to express your medical care preferences and provide instructions for them to execute.
While your agent has full control to make decisions, they are required to always act in your best interest. Additionally, you are able to determine the permanence of their power. You may choose to make their powers durable, meaning that your agent’s authority under the power of attorney continues even if you become incapacitated. Either way, the agent’s authority ceases at your death, and the terms of your will assume control.
Contact Us For Dedicated Counsel
If you are considering an agent to act on your behalf, contact Howard & Hardyman LLP for dedicated counsel. Our attorneys will explain all of your options and help you select the best option given your unique situation.