Setting up a power of attorney (”POA”) is very useful if you anticipate being incapacitated or unable to manage decisions in the future. It’s also a good idea to set up a power of attorney even if you don’t expect anything preventing your decision making abilities in the future. Life is uncertain and you never know what might happen, so, being prepared is key. There are many different kinds of POA. What is a durable power of attorney and how can you set one up?
What is Durable Power of Attorney?
Durable POA is also known as the financial power of attorney or Power of Attorney for Property in Illinois. When setting up a durable POA, you are appointing a trusted person to act in your place to legally make decisions about your financial matters. This can be set for an indefinite amount of time or for a specific period of time. A specific time can be set for periods where you anticipate or know you will be unable to make financial decisions. This can include reasons such as…
- Being deployed in the military
- Having a major surgery with a lengthy recovery
The most common reason individuals set up a durable power of attorney is in the case of incapacity. Many individuals who are older or are in poor health feel it necessary to set up a financial POA in the case that things go downhill. To learn about the durable power of attorney is Illinois, read up on the statute here. Illinois Law has a specific procedure for setting up a durable POA.
How To Set Up a Durable POA
To set up a durable POA, certain requirements must be met. Having an experienced attorney can help you meet these requirements when filling out the proper paperwork. It is easy for things to slip through the cracks when you’re filling out legal paperwork on your own. Having an attorney who deals with legal paperwork for a living can make sure your request for a power of attorney is successful. What are some of the requirements that your POA must meet?
When setting up a POA, you are known as the principal and the person you appoint as your POA is referred to as the agent. The proper documentation will name who your agent will be and will detail the scope of what their powers will be. It is also required that you properly sign the documents wherever signatures are needed. As with many legal documents, it is required to have one or more witnesses and a notary public.
If you need help finding the proper paperwork to fill out or have questions about how to fill out the POA forms, contact Schottler & Associates. They’re an Illinois Law Firm that specializes in Estate Planning and Probate. Make sure you are taken care of in the event of major surgery or an unexpected accident. You can set up a free 30-minute consultation with one of our attorneys here.