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Power Of Attorney

POWER OF ATTORNEY FOR PROPERTY

WHAT IS A POWER OF ATTORNEY FOR  PROPERTY?

The Power of Attorney for Property document allows a person, called the principal, to delegate to another person, called the agent (often a family member or trusted friend), the power to make decisions regarding assets, finances, bank accounts, and other types of property, including real estate.

The agent, who does not need to be an attorney, will speak for the principal and make decisions

according to the principal’s wishes even when the principal is physically or mentally incapacitated.

WHAT ARE THE ADVANTAGES OF HAVING  A POWER OF ATTORNEY FOR PROPERTY?

A Power of Attorney for Property is a way for you to decide in advance who will handle, your financial affairs if you are not able to act on your own in the future. Executing this document will save your family from the burden  of having to make financial decisions without knowing your wishes. It gives you (rather than for courts) more control over your life.

A Power of Attorney for Property is a flexible document.  It helps assure that your agent’s authority will be honored by others at the time any delegated power is exercised. You can give either limited or broad financial decision-making authority to your agent, depending upon  your needs. For example, you may want to have the power to authorize real estate and stock transactions; to handle banking, tax or other types of business matters; to represent you in court; or to address other types of legal claims.

WHO MAY EXECUTE A POWER OF ATTORNEY FOR PROPERTY?

Any person with the legal capacity to make his or her own decisions who is age 18 or older and

a resident of Illinois may execute a Power of Attorney for Property. The  Power of Attorney for Property document must be signed by you and your signature must be both witnessed and notarized.

WHO MAY BE DESIGNATED AS AN  AGENT UNDER A POWER OF ATTORNEY FOR PROPERTY?

Any person age 18 or older may be designated as your agent  He or she should be someone you know well and can fully trust with handling your financial affairs. It is a good idea to pick someone who lives in a nearby area.

WHAT IS THE RESPONSIBILITY OF AN AGENT UNDER A POWER OF ATTORNEY FOR PROPERTY?

An agent must use due care and act in accordance with the terms that you have specified in your Power of Attorney for Property  document. He or she may be liable for any negligent exercise of the duties that you have specified.

WHEN SHOULD YOU DESIGNATE AN AGENT UNDER A POWER OF ATTORNEY FOR PROPERTY?

The best time for you to designate an agent under a Power of Attorney for Property is right now, long before you anticipate anything happening to you. This will ensure  that your financial affairs will be handled  if you are not able to act on your own behalf in the future.

HOW LONG WILL YOUR POWER OF ATTORNEY FOR PROPERTY LAST?

As the principal, you can specify the time at which the Power of Attorney for Property will begin and terminate. However,  unless you state an earlier termination date, the Power of Attorney for

Property document will continue until your death. In addition, you can sign and date a written

amendment to make changes to this document at any ti.me, provided you still have the legal capacity to make such a decision. You must remember to have your signature both witnessed and notarized on any document.

WILL YOUR POWER OF ATTORNEY FOR PROPERTY BE RECOGNIZED IN ANOTHER STATE?

The answer depends on the laws of each state. Most states will recognize your Power of Attorney for Property document, especially since your signature must be both witnessed and notarized under the Illinois Law.

A Power of Attorney for Property document that has been executed  in compliance with the laws of another state will be recognized in Illinois.

OTHER THINGS TO CONSIDER:

Before executing your Power of Attorney for Property document, you should talk to the person whom you want to be listed as your agent and review how you would like your financial affairs to be handled in the event that your agent must exercise his or her authority under the Power of Attorney for Property.

It is advisable for you to designate one or more successor agents to act on your behalf in case the primary agent is unavailable, unable or unwilling to act on your behalf if it becomes necessary. The primary is unavailable , unable or unwilling to act on your behalf it if becomes necessary.

The primary consideration should be that the individuals appointed are people of whom you have a great deal of trust and can rely upon to act according to your interests and values. Your Power of Attorney for Property document should also state the powers, duties, limitations, immunities and other terms applicable to your agent

After your Power of Attorney for Property document is signed, witnessed and notarized, you should give the original form to your agent and provide copies to your successor agent and attorney. You should advise your selection  of an agent to act on your behalf if it becomes necessary.

POWER OF ATTORNEY FOR HEALTHCARE

WHAT IS A POWER OF ATTORNEY FOR HEALTHCARE?

A Power of Attorney for Healthcare document allows a person, called the principal, to delegate another person, called the agent (a trusted  friend or family member}, the power to make decisions regarding healthcare that the principal is unable to make. The document may be used instead of or together with a Living Will. The agent, who does not need to be an attorney, will speak for the principal and make decisions according to the principal’s wishes even when the principal is physically or mentally incapacitated.

WHAT ARE THE ADVANTAGES OF HAVING A POWER OF ATTORNEY FOR HEALTHCARE?

A Power of Attorney for Healthcare is flexible and can apply to a number of situations. It will permit  you, if you are the principal, to decide who should make decisions on your behalf rather than leaving the decision-making to the courts. It saves your relatives from the burden of having to make those decisions without knowing your wishes. For example, a Power of Attorney can be used to express

your wishes about whether or not you want life-prolonging treatments continued if you should ever need them, or to specify under exactly what circumstances you would like such measures continued. For example, you may or may not want to receive life-sustaining measures if you suffer an irreversible coma. You may choose to instruct your agent to withhold food and fluids or to not administer cardio­ pulmonary resuscitation (CPR) under certain circumstances.

WHAT ARE THE LEGAL REQUIREMENTS OR PROVISIONS?

Any person age 18 or older who is a resident of Illinois can create a Power of Attorney for Healthcare. The  person whom you designate as your agent must be age 18 or over and cannot be your doctor or someone who is paid to provide you with healthcare services. The Power of Attorney for Healthcare document must be signed by you and a witness. And, when exercising the Power of Attorney for Healthcare, your agent must use due care when acting for your benefit and must act in accordance with the terms which you have specified in your Power of Attorney for Healthcare document He or she will be liable for any negligent exercise of the duties which you have specified.

HOW LONG WILL YOUR POWER OF ATTORNEY FOR HEALTHCARE LAST?

As principal, you can specify  the time when the Power of Attorney for Healthcare will begin (unlike a living Will which can only begin after your attending physician determines that you have a “terminal condition  and when it will end. In addition, the Power of Attorney for Healthcare document can be amended at any time by a written amendment signed and dated by the principal.

You may revoke your Power of Attorney by burning or tearing up the document, by written revocation, or by oral revocation in the presence of a witness 18 years of age or older who then puts the revocation in writing for you. However, if it becomes necessary)’ to terminate the Power of Attorney after you have become  incapacitated; legal action may be required  to terminate the agent

Unless you state an earlier termination  date, the Power of Attorney for Healthcare will continue until your death. If you wish, the Power of Attorney for Healthcare  can also be effective after death to authorize  your agent to deal with an autopsy, anatomical gifts and burial.

WHEN SHOULD YOU DESIGNATE AN AGENT UNDER A POWER OF ATTORNEY FOR HEALTHCARE?

The  best time for you to create a Power of Attorney for Healthcare is right now, long before you anticipate anything happening to you. This will endure  that if you are ever in a situation where you need an agent, you will have one.

WILL YOUR POWER OF ATTORNEY FOR HEALTH CARE BE RECOGNIZED IN ANOTHER STATE?

Most other states’ statutes provide Powers of Attorney’s for Healthcare. However, a problem may arise, the document must be witnessed and/or  notarized, as may be required  under another state’s law. Since there may be many variations among state laws, it is suggested that you have your Power of Attorney for Healthcare document both witnessed and notarized.

OTHER THINGS TO CONSIDER

Before executing your Power of Attorney for Healthcare document, you should talk to the person who you want to be your agent and review your wishes tor the types of medical treatment you choose  to receive in the event that your agent must exercise his or her authority under the Power of Attorney for Healthcare. Be careful not to provide your agent with powers that are too broad (which may subject abuse or mis-interpretation) or too confined  (which could make it impossible /Or the agent to act}.

It is advisable for you to specify one or more successor agents to act on your behalf in case the primal) agent is unavailable, unable or unwilling to act in your behalf should it become necessary) With all of your agents, the primal) consideration should be that the individuals appointed are people in whom you have a great deal of trust and can rely upon  to act according to your interests and values. Your Power of Attorney for Healthcare document should also state the duties, limitations, immunities and other  terms applicable to your agent

After your Power of Attorney for Healthcare document is signed by you, witnessed and notarized (optional), you should send the original form to your agent and provide copies to your lawyer, your doctor and to family members or close friends on whom you can rely to act according to your interest and values.