Important Factors When Obtaining a Power of Attorney in Illinois

/, Estate Planning, Probate, Wills & Trusts/Important Factors When Obtaining a Power of Attorney in Illinois

Obtaining a power of attorney in the State of Illinois can give another person, agent, or party the legal right to make financial or health care decisions on your behalf in the event that your because incapacitated to make these on your own. When a power of attorney is obtained, this power can be flexible and it can also be valid for an indefinite and definite period of time.

Factors To Consider When Assigned a Power of Attorney

While a power of attorney can be formulated without the assistance of a lawyer, it can nonetheless be beneficial to obtain the support of a qualified legal estate attorney. With the guidance and support of a skilled estate attorney, you could have the assurance that your document will be held valid in case you no longer have the ability to say so.

The following article will provide an overview of essential factors to consider when drafting a power of attorney. For a strong and fortified power of attorney, consult with an estate attorney who has the right experience.

Address the Individual Who Will Have the Authority to Make Decisions on Your Behalf

Before filling out any forms, it is fundamental to address key issues with the person who you wish to grant the power of attorney. This individual will be typically referred to as your prospective agent. By granting this person a power of attorney, he or she should know that third parties can contact him or her for instructions based on your assets. He or she will be held responsible for giving instructions concerning important matters you need conveyed.

Complete the Appropriate Power of Attorney Forms

In order to have a valid power of attorney, the appropriate forms must be filled out. In the State of Illinois, there are two differed powers of attorneys that are recognized. The two powers of attorneys that are recognized are:

  1. The power of attorney for health care
  2. The power of attorney for property and assets

Once you have selected the appropriate type of agent, you will need to fill out the corresponding form. Each form will have you describe your wishes as well as name a second agent in case the second agent is unable to complete his or her role.

Signing the Form

The power of attorney will only be held valid if it is signed in the presence of a third party. In the State of Illinois, the form will need to be signed in the presence of at least one witness, who will also be required to sign the form. The form must also be notarized.

Final Steps

Once the final documents have been completed, it is important to provide your agent with copies of the signed and notarized documents. If you have completed a power of attorney for health care reasons, you should provide your physician with a copy of the finalized documents as well. For a power of attorney regarding your properties and assets, a copy should be provided your bank. A power of attorney can be modified at any time you wish to do so.

The Bottom Line

A power of attorney is a form that can be completed without the need of an attorney and there are risks involved either way. Making sure that your document holds a fortified validity, however, is crucial for when you do not have the ability to say so. Obtain the support and guidance of a qualified attorney who can help you create a strong power of attorney. Obtain the assistance and support of an estate lawyer that is right for you; ChicagoEstateLawyer.com can be an essential tool to do so.