Strengthen Your Estate Plan With Living Wills And Powers Of Attorney

A basic estate plan includes a will and other directional documents for dealing with your estate after you pass away. But to truly gain peace of mind, your estate plan should also include contingencies for incapacity – a condition in which you can no longer make or communicate important decisions on your own behalf. Circumstances leading to incapacity are numerous and include cognitive decline, coma and medical emergencies.

The attorneys at Kerley & Talken PC are ready to help you craft a thorough estate plan to address these issues using legal tools such as powers of attorney and living wills. More information on each is provided below.

Powers Of Attorney Protect Your Interests

A durable power of attorney grants authority to a person of your choosing. That person would oversee your financial and business matters if you were unable to communicate your desires or manage your affairs due to accident, illness or mental infirmity. A health care power of attorney empowers a trusted person to make medical decisions on your behalf if you are not able to do so.

Powers of attorney can transfer right away if you are ready to turn over control or activate at some future point if and when you are deemed incapacitated.

Types Of Power Of Attorney In Illinois

In Illinois, a power of attorney (POA) is a vital legal instrument that enables a chosen representative to make decisions on your behalf and is a common part of estate planning. This delegation of authority can range from financial management to health care decisions.

There are several types of POAs, each designed to cater to different needs and situations:

• General power of attorney: This grants the agent broad powers to handle the principal’s affairs such as financial transactions, property management and business dealings. It becomes invalid if the principal becomes incapacitated or mentally incompetent.
• Durable power of attorney: Remains effective even if you become incapacitated, making it crucial for uninterrupted financial management. It typically governs the handling of the principal’s assets, including banking, real estate and investments.
• Health care power of attorney: Allows your appointed agent to make health care decisions if you cannot. This includes choices regarding medical treatments, life-saving measures and life-sustaining treatments such as feeding tubes and ventilators.
• Springing power of attorney: This type of POA “springs” into effect upon the occurrence of a specified event, usually the incapacitation of the principal. It is not effective immediately upon signing and is designed to provide privacy and limit the agent’s power until necessary.
• Special power of attorney: Similar to a limited POA, this grants the agent powers in specific areas designated by the principal. It is often used for specific purposes such as selling property, managing real estate, collecting debts or handling business transactions.
• Limited power of attorney: Provides the agent with authority limited to specific tasks or a set duration. This type is often used for singular transactions, such as real estate closings, where the principal cannot be present.
• Financial power of attorney: This specifically allows the agent to handle the principal’s financial affairs such as accessing bank accounts, paying bills and managing investments.
• Voting power of attorney: While some jurisdictions may allow forms of voting delegation, Illinois law does not recognize a “Voting Power of Attorney.” Voting in person or by absentee ballot is the primary method allowed for elections in Illinois.
• Parental power of attorney: Known in Illinois as “Short-Term Guardianship,” this allows a parent to grant another person the authority to make decisions for their child for a limited period, generally up to one year. It is useful when parents are temporarily unable to care for their child due to reasons like illness, travel, or military deployment.

To ensure a power of attorney is legally binding, the principal must meet the following criteria: They must be at least 18 years old and mentally competent at the time of signing. They must write the document clearly detailing the powers granted and specifying the type of power of attorney. Additionally, the principal must sign the document in the presence of at least one unrelated adult witness.

Anticipating End-Of-Life Care

A health care directive, also known as a living will, gives legally binding direction to your medical providers and your family members in the event of a catastrophic accident or terminal disease. We help you declare your specific wishes regarding extensive interventions (such as resuscitation or surgery), life support (such as feeding tubes and ventilators), palliative care (such as pain medications), religious rites and other end-of-life matters.

Get Started With A Free Initial Consultation

Kerley & Talken PC is based in Springfield, Illinois, and serves clients throughout the surrounding areas. To discuss your estate planning needs in a free initial consultation, call our office at 217-814-0148 or send us an email.