Estate Planning Lawyers & Power of Attorney Responsibilities
An estate planning lawyer assists individuals in creating plans for the management and distribution of their assets after death and/or incapacitation. This enables individuals to prepare for the future and any potential incidents that would leave them unable to manage their affairs.
A crucial part of estate planning is choosing a power of attorney (POA) agent. Your estate POA agent will manage all things related to your estate according to your wishes. This can apply to everything from financial decisions to property affairs.
At the Crosby Law Firm, our attorneys help draft and finalize all the essential documentation to cement your POA. We’ll collaborate closely with you to identify your needs and ensure you’re fully informed about your choices.
If you’re still not clear on what a POA is or how our attorneys can help with establishing one, continue reading. We’ll delve into some specifics surrounding the role of a power of attorney for estates.
What Is a Power of Attorney (POA)?
Power of attorney is a legal document through which you appoint either an individual or an organization to manage your affairs. The person who appoints the POA agent is the principal. This person decides in advance who they trust and who they want to make decisions on their behalf.
Navigating this process can be intimidating, especially if you’re unfamiliar with the legalese and POA documentation requirements. Fortunately, at the Crosby Law Firm, our estate planning lawyers in Rockford, IL, are here to help. We have extensive experience managing estates, living trusts and wills, and a number of other life planning legal instruments.
What Does an Estate Power of Attorney Agent Do?
In regards to an estate, the POA agent is responsible for managing and overseeing monetary matters and decisions. This role includes handling transactions, property affairs, and ensuring the estate’s financial responsibilities are met in accordance with the principal’s wishes and best interests.
Designating the responsibility of power of attorney over your estate is a monumental decision that requires careful consideration. It involves selecting a trusted individual to manage your most important affairs, potentially during a time when you’re unable to do so yourself.
The right POA agent will safeguard your assets and even the financial future of your loved ones. Therefore, it’s essential to select someone who is reliable and capable of handling various financial responsibilities.
How the Crosby Law Firm Can Help
Estate planning focuses on ensuring your peace of mind and your family’s well-being. The Crosby Law Firm can assist in seamlessly integrating POA arrangements into your estate plan. We also provide professional legal advice on how to choose the right type of POA, such as durable vs springing.
Our team is here to guide you through the legal process, ensuring your choice of POA aligns with your overall estate planning goals. Our top priority is making the process simple while also providing you with security for the future.
Legal Requirements for Power of Attorney
There are only two legal requirements for potential power of attorney agents:
- They must be of a sound mind
- They must be at least 18 years of age
Trust is an extremely important factor when deciding who should be your power of attorney representative. This is because the duty of this designee is to make decisions on your behalf that will optimally benefit you physically, financially, and emotionally.
How Long Does a Power of Attorney Last?
A power of attorney typically remains in effect until the principal’s death, unless a revocation occurs before that time. A POA may also be in effect only until a principal no longer requires medical care.
Additionally, unless the POA is a durable power of attorney, then it will expire should the principal become incapacitated. If the POA agent is married to the principal, then the POA will be terminated upon legal divorce in Illinois.
Finally, if a POA agent is only designated to perform a specific task, the POA will expire upon completion of that task or transaction. This is called a limited power of attorney.
Other Types of Powers of Attorney
Springing Power of Attorney
A springing power of attorney goes into effect at the time of a specific incident or occurrence, such as a principal’s incapacitation.
Durable Power of Attorney
A durable POA stays in effect prior to and after the principal becomes incapacitated. In estate planning, a durable power of attorney is often beneficial for many reasons. For example, in cases where the principal is unable to make decisions due to a condition like dementia, this type of POA allows the designated agent to continue making decisions on their behalf. However, this authority ends with the principal’s death.
Is a Power of Attorney Agent the Same as an Executor of an Estate?
A power of attorney and an executor of an estate serve distinctly different roles. A person designates a POA agent to make decisions on their behalf while they are alive. This can sometimes include periods when they are incapacitated.
An executor is appointed in a will to initiate the probate process. They are responsible for managing and distributing the deceased’s estate according to the will’s instructions. The key difference between these two designations lies in the timing and scope of their authority. A POA operates during the principal’s lifetime, while an executor’s role begins after death.
What Is a Medical Power of Attorney?
What is a POA for healthcare purposes? A medical power of attorney, also referred to as a healthcare power of attorney, designates authority to the selected agent to make decisions regarding medical care that the principal receives. This is usually only necessary if the principal becomes unable to make decisions for themselves. This may occur if they suffer a brain injury, fall into a coma, or are diagnosed with dementia.
What Is a Financial Power of Attorney?
What is a financial POA? A person who is chosen as the financial POA agent manages financial decisions, often when the principal is no longer able to do so. This type of POA can become effective immediately or after a disabling event.
Should You Give Your Lawyer Power of Attorney?
You should only give your lawyer power of attorney if you trust they have your best interests at heart and are qualified to handle the responsibility. Family members and trusted friends can allow emotion to get in the way of making decisions. However, having your lawyer act as your POA eliminates this issue.
At the Crosby Law Firm, our lawyers are qualified and experienced in handling POA responsibilities. We will make decisions based on your wishes and best interests. Our goal is always to ensure your safety, comfort, and financial and emotional wellbeing.
Contact Us
If you need help designating a power of attorney over an estate, our law firm is here to help. We can guide you through the process and ensure the legal documentation is in order to protect your assets.
The Crosby Law Firm can also act as your estate planning power of attorney for hire in Rockford, IL. Our attorneys are qualified and able to protect your best interests, regardless of your estate’s size.
We offer free initial consultations, flat fees, no hourly charges, and payment plan options for our clients. Contact us today to talk with our experienced estate planning attorneys.
