When Do I Need a Power of Attorney in Illinois?

Designating a power of attorney (POA) is an area of estate planning that many individuals do not consider until it is too late. A POA is a legal document that gives a designated person the power to make financial or medical decisions for you in the event that you are unable to do so yourself. While this may sound risky, it is actually the most reliable way to ensure that your wishes are followed in cases of emergency. The best course of action is to fill out the legal documentation that lists your decisions with the help of an estate planning attorney. These declarations must be legally followed in the event you become incapacitated or cannot make decisions for yourself. 

POA for Healthcare

Having set decisions for your healthcare before an emergency occurs is crucial. Those looking into a POA must consider the importance of quality of life and the financial burden that medical procedures can create. Legal documents addressing these matters are also known as advance directives. Power of Attorney for healthcare is one of the most powerful types of advance directives, and the person who is authorized to make decisions for you can ensure that you are cared for according to your wishes. You can give your agent broad authority to act according to how they think you would like matters to be handled, or you can be specific about the types of decisions they are allowed to make and the care you would like to receive.

POA for Finances

Much like a medical POA, a financial power of attorney gives a third party the ability to make financial decisions when you are incapable of doing so. The designated agent can make decisions regarding real estate, business, and insurance. He or she can access bank accounts and safety deposit boxes and manage your assets. While this is placing a lot of power into the hands of another person, you must remember that you can grant or deny authority in any of these areas, giving you the power to address these concerns before something catastrophic happens and it is too late for you to do so.

Contact an Orland Park Estate Planning Attorney

Planning for emergencies is not an activity that anyone wants to do; however, it is the best way to ensure your medical and financial safety in the case of a devastating or fatal injury. Creating a power of attorney may seem like something that can be put off until old age, but accidents are not tied to age and are always unexpected. At Anderson & Associates, P.C., we understand the stress that estate planning can bring. With over 30 years of experience, our attorneys know the importance of being prepared. If you are considering granting a power of attorney, contact our Orland Park POA lawyers at 708-226-9904 for an consultation.

Sources:

https://www.dailydot.com/layer8/what-is-power-of-attorney/

https://familydoctor.org/advance-directives-and-do-not-resuscitate-orders/

https://www.investopedia.com/terms/f/financial-power-attorney.asp