It is not easy to know what types of legal and financial protections you may need for the future. You cannot know what types of issues will arise and what you may need to rely on the protections you have in place, which is why it is important to have a complete estate plan. Thinking ahead can provide you with the assurance and security you need to face the future with confidence.
There is no single one-size-fits-all solution to estate planning. However, you can make plans that will allow you to have the final say over what happens to your entire Illinois estate and your personal property in the event of your passing and what types of medical care you need in case of incapacitation. One way you can do this is by having all necessary powers of attorney in place.
Control over your legal, financial and medical needs
A power of attorney is the legal authorization one may give that allows another to act on his or her behalf. The agent must make certain decisions that will be in the best interests of the grantor. There are two main types of powers of attorney, and you may benefit from the addition of one or both POAs in your estate plan. The two main types include the following:
- Financial power of attorney — This grants the legal authority to make financial decisions to another person in the event of your incapacitation. You can outline the scope of the agent’s authority in the power of attorney. The categories of financial power of attorney include general, durable and limited.
- Health care power of attorney — This gives another person the power to make health care decisions on your behalf. This authority would generally apply to scenarios not specifically outlined in your living will.
If you are unsure of which powers of attorney you will need in your estate plan, you may find it helpful to discuss your concerns with an experienced professional who can help you navigate these complex matters and help you make smart decisions for your future. The choices you make now can provide protection and security for you and your loved ones for years to come.