Power of Attorney
Powers of Attorney
Using a power of attorney, a person may nominate an agent to act on their behalf in the event they are unable. Illinois law has statutory powers of attorney for both property and health care.
POWER OF ATTORNEY FOR PROPERTY
A property power of attorney is commonly used to administer property in the event of the maker's disability. Using this statutory form, the maker (called the principal) names a person (called an agent) to administer his/her property in the event of his/her disability. Property powers of attorney may also be used to fund trusts, make annual exclusion gifts, and sign tax returns.
POWER OF ATTORNEY FOR HEALTH CARE
Similar to a property power of attorney, a power of attorney for health care allows the maker (the principal) to nominate a person (the agent) to make health care decisions in the event of a temporary or permanent disability.
More powerful and flexible than a living will, a health care power of attorney allows the agent to stand in the principal's shoes and make a wide range of medical decisions. Given HIPPA laws and privacy protections, a health care power of attorney is essential for unmarried couples, who want their significant other to make decisions on their behalf, even though they have no apparent legal authority to do so.
An effective and affordable estate planning protection, I recommend powers of attorney for all clients.