Power of attorney (POA), is a legal document through which you appoint either an individual or an organization to manage your affairs in the case that you are unable to do so. The person, also called a principal, is able to decide in advance who they trust as well as who they want to make decisions on their behalf if they become incapable of doing so for themselves in the future. While navigating this process might be intimidating, especially if you are unfamiliar with the legal process, our estate planning lawyers in Rockford, Il can help! Here are some more specifics about the power of attorney and what you need to know about the different types.
A Medical Power of Attorney
A medical power of attorney, also referred to as a healthcare power of attorney, has the ability to make decisions regarding the care that the principal receives if they are unable to make decisions for themselves. If you are trying to decide who is best to be your medical power of attorney, try to pick someone who will ask the right questions and who is not intimidated by medical professionals. This medical power of attorney should also be able to push aside their feelings about procedures in order to make the best decision based on your wishes.
A Financial Power of Attorney
Another power of attorney is a financial power of attorney, meaning that this individual will take care of your financial decisions if you are no longer able to do so. This POA can become effective immediately or once an event occurs; it depends how it is worded in your legal documents.
Legal Requirements
There are only two legal requirements for potential powers of attorney; they must be of a sound mind and they must be at least 18 years of age. Trust is an extremely important factor when deciding who should be your power of attorney.
How the Crosby Law Firm Can Help
If you have not yet determined a power of attorney for yourself, and you need help figuring out how to legally do so, contact our estate planning lawyers in Rockford, Il can provide the necessary guidance throughout this process. We offer free consultations, flat fees, no hourly charges, and payment plan options for our clients.
