Establishing a comprehensive estate plan not only involves creating trust and will documents, but it also requires making arrangements for situations where a person becomes incapable of making their own life decisions. While there are many reasons for making a power of attorney, it is most often used to enable a trusted person –called an attorney-in-fact or an agent – to make healthcare and financial decisions for you in a situation where you become mentally or physically incapacitated.
At Mary Ann Covone, P.C. Attorney at Law, we help you understand the purpose of a power of attorney in order to know whether it is the right estate planning tool for your specific circumstances. When you designate an attorney-in-fact, you are not giving them the power to control your medical and financial affairs when you are completely capable of handling them yourself. Instead, you are just making sure that a person whom you trust manages your affairs after your incapacitation, not a stranger appointed by court.
Types of Powers of Attorney
A power of attorney is a critical legal document that grants authorization to the designated person for a number of aspects, such as:
- Dealing with insurance issues
- Handling bank accounts and other financial affairs
- Withdrawing money and writing checks to meet your needs
- Doing paperwork
- Filing tax returns
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At Mary Ann Covone, P.C. Attorney at Law, we provide legal counsel to our clients pertaining to powers of attorney, and why carefully selecting an agent is important. Moreover, we take into account the privacy provisions of Health Insurance Portability and Accountability Act (HIPAA) to ensure you are aware of the legalities involved in drafting a power of attorney.
Under the Illinois law, there are two primary types of statutory powers of attorney:
- Property Statutory Power of Attorney: It grants power to an agent to manage your finances when you become incapacitated. This power of attorney gives your agent access to investment portfolios, bank accounts, and other financial assets that need to be looked after. The agent also files taxes and pays bills on your behalf and makes the decision of giving out monies when requested by other parties.
- Healthcare Statutory Power of Attorney: This type of power of attorney outlines information regarding the person who will have the authorization of taking healthcare decisions for you. It is mostly used in combination with a living will, detailing out the extent of measures the agent can take in terms of medical emergencies.
Other types of powers of attorney include limited power of attorney, springing power of attorney, and durable power of attorney. You have the option to choose different people or a single person for property and healthcare matters based on your preference. Our attorney Mary Ann Covone can you help you distinguish among different types of powers of attorney and help you pick the right agents to take decisions for you.
Discuss your Case with a Chicagoland Estate Planning Attorney Today
If you are looking for a reliable and experienced estate planning attorney for including a power of attorney in your estate plan, call us today at (708) 246-4911 for a consultation at one of our convenient Chicagoland locations.