Why Is it Important to Make sure a Power of Attorney Is Durable?

 Posted on February 17,2022 in Estate Planning

During the estate planning process, many people will focus on the legacy they will leave behind and how they can use their assets to provide for their loved ones. However, an estate plan can also address how certain matters will be handled during a person’s lifetime, including how their assets will be managed and how their medical treatment will be handled as they get older. Making decisions about these issues can be especially important for elderly adults, and a person will want to make sure their needs will be met and their wishes will be followed, no matter what happens. One of the best ways of doing so is to create durable powers of attorney.

What Is a Durable Power of Attorney?

As a person gets older, or if they encounter a situation where they need assistance from others, they can create powers of attorney and name a person they trust who will be able to make certain decisions for them. When a person creates this type of legal agreement, they will name an “agent” who is authorized to make decisions on their behalf. The agent may be a family member or close friend, and the person may grant their agent broad authority to do what they believe is best, or they may provide specific instructions for how certain issues should be handled.

Powers of attorney come in two types. A power of attorney for health care will address medical and personal issues, and an agent may be given the authority to make decisions about the types of medical treatment that will or will not be provided in certain situations, as well as whether the person will be admitted to a hospital, mental health facility, or nursing home. A power of attorney for property or finances will address issues related to a person’s money and assets, and an agent may be given authority to manage the person’s finances, pay expenses, apply for benefits, conduct business transactions, or make investment decisions.

A power of attorney is considered to be “durable” if it survives a person’s incapacity. That is, if the person who created the power of attorney becomes incapacitated, meaning that they experience conditions that prevent them from making their wishes known, their agent will continue to have the authority that was granted to them in the power of attorney agreement. This can ensure that if a person suffers an injury that causes them to fall into a coma, becomes seriously ill, or experiences mental health issues such as dementia, their agent will be able to make decisions on their behalf, ensuring that their wishes and instructions will be followed correctly.

Contact Our Kane County Power of Attorney Lawyer

When creating a power of attorney, it is important to make sure the agreement meets all legal requirements to ensure that it will be valid in the right circumstances. Loire Krajniak Law, LLC can help you make sure these agreements fully detail a person’s wishes and address their needs and concerns. We can also help address any other issues related to an estate plan, ensuring that a person’s wishes will be followed during their lifetime and after their death. Contact our Geneva estate planning attorney today at 630-448-2406 to arrange a free consultation.

Source:

https://www.ilga.gov/legislation/ilcs/ilcs4.asp?DocName=075500450HArt%2E+II&ActID=2113&ChapterID=60&SeqStart=300000&SeqEnd=1900000