Estate Planning Lawyer in Illinois Explains Powers of Attorney as an alternative to Guardianship
In some circumstances, powers of attorney may be an option for an individual with a disability who requires some assistance in managing their affairs, but for whom a guardianship may be too restrictive or otherwise inappropriate. People are often confused, however, as to when and which type of POA is needed. Powers of Attorney may be a possible option, but parents of adult children with disabilities often have some misconceptions on when and how a power of attorney can be utilized. At The Law Office of Amy Handler Kasallis, we will review your specific circumstances and help decide if Powers of Attorney might work for you and your family. Contact us either online or at (773) 370-1856 to schedule a free initial consultation.
What Constitutes a Power of Attorney in Illinois?
A power of attorney is the legal authorization for one person, the agent, to act on behalf of another person, the principal. They are a common element of estate planning as they let a person to choose someone they trust to make decisions for them.
There are several types of POA, described below.
1. Durable POA
A durable POA takes effect immediately upon your signature unless the POA states otherwise and allows your agent to continue acting on your behalf even when you are incapacitated. A durable POA terminates only when you die or when a revocation of POA form is issued.
2. Springing POA
A springing POA takes effect if/when a certain event or medical condition occurs as specified in the POA. It ends at a specified time as outlined in the POA or if/when you become incapacitated or die.
3. General POA
A general POA allocates broad powers to the agent to act on financial, business, real estate, and legal matters. This POA is limited only by the terms set out in the POA or by any relevant state statute.
4. Limited (Special) POA
A limited (Special) POA allows the agent to act for a specific purpose and once that purpose is accomplished, the POA expires.
5. Medical POA or POA for Healthcare
A medical POA or POA for Healthcare is sometimes referred to as an advance directive because it allows you to appoint a health care agent to make medical decisions for you when you cannot do so. It is limited by your specific medical preferences and any other directive you may have as part of your estate plan, like a living will or a Do Not Resuscitate (DNR) form.
Contact Our Office Today for a Free Initial Consultation
Powers of attorney are powerful tools to make sure finances and other business or personal healthcare matters are properly managed. The Law Office of Amy Handler Kasallis always believes that our clients make better choices for themselves and their loved ones when they are well-informed and adequately prepared. Contact us directly at (773) 370-1856 or online today to schedule a free initial consultation.