What Are the Different Types of Powers of Attorney in Illinois?

 Posted on January 21,2021 in Estate Planning

In the instance that you become unable to handle your own affairs, either financially or medically, it is important that you have a power of attorney (POA) set in place. This allows you to designate who will be in charge of your affairs if you are unable to do so on your own. The person designated to handle the affairs is known as the “agent” and the person who the POA concerns is known as the “principal.” If you are intending on getting your affairs in order, it is important to work with a reputable estate planning attorney to ensure that the POA is valid and the proper terms are included.

General POA Requirements

There are a number of requirements that must be met when creating a POA in the state of Illinois. In order for the legal document to be valid, the agent must be designated by name and their powers must be outlined. POAs are unique to your circumstances so you should include, in detail, what your agent is legally responsible for. This person must be at least 18 years of age. The POA must be signed by the principal and at least one witness must be present. The principal must also acknowledge their signature, and thus their consent to the POA, in front of a notary public, or attorney.

Types of POAs

Illinois recognizes two types of POAs — healthcare power of attorney and a property powers of attorney. The healthcare POA outlines how you would like your medical affairs handled. This can be difficult to work through since you are determining how long you would like to be kept alive if you cannot do so on your own. The agent will be named as the party who can make this decision for you if the time comes. It is critical that you select a trustworthy individual as your agent since they will be deciding your life or death. Married couples will typically select their spouse as their POA agent, but in some cases, they may select another person. It can be difficult for a spouse to decide against keeping their spouse on life support, even if this is what he or she asked their agent to choose if the situation arises.

Property POAs focus on the details of your finances. If you are incapable of handling your own financial affairs, an agent can be named to manage your affairs during that time. Some may decide to sign a durable power of attorney, which becomes effective immediately and is not dependent upon your incapacity. Most will sign a springing POA which only comes into effect upon your incapacity which is determined and diagnosed by medical professionals to avoid any questions on the matter.

Call a DuPage County Estate Planning Lawyer

Placing someone else in charge of your medical or financial decisions can be a difficult pill to swallow. Unfortunately, it is often inevitable as we age or can be completely unexpected as a result of a serious accident or diagnosis at a young age. There is no way to predict your future, but you are able to prepare for the unexpected. At Stock, Carlson, Oldfield & McGrath, LLC, our compassionate legal team works with clients of all ages to help them get their affairs in order. Whether you have recently received a grim diagnosis, are noticing your old age, or simply want the unexpected to be planned, contact our Wheaton powers of attorney lawyers at 630-665-2500 for help.

Source:

https://www.ilga.gov/legislation/ilcs/ilcs5.asp?ActID=2113&ChapterID=60