Arlington Heights, Illinois Power of Attorney Lawyers

Trusted Attorneys Assisting With POA for Healthcare and Finances in Arlington Heights, Illinois

Deciding what should happen after your death is a key part of any estate plan, but it is also important to consider how certain matters should be handled during your life. In some cases, you may be concerned about what will happen if you ever become incapacitated. If you are in a situation where you cannot make your wishes known, how will decisions be made about issues such as medical treatment or financial matters? Creating powers of attorney can help ensure that your wishes will be followed in these types of situations.

The lawyers of A. Traub & Associates have worked with many clients to address their concerns about what they would like to happen both during their lives and after their death. We can help you understand your rights when establishing powers of attorney, and we will work with you to create an agreement that will meet your needs. By addressing these issues in a comprehensive estate plan, we can help ensure that you and your family will be prepared for the future.

Power of Attorney in Illinois

In a power of attorney agreement, the person making the agreement (who is called the principal) names a person (known as the agent) who is authorized to make certain types of decisions on their behalf if they become incapacitated or cannot make decisions on their own. An agreement can specify the circumstances under which it will become effective; for example, the power of attorney may go into effect immediately upon being signed, or it may only become effective upon the principal's incapacitation. In addition, the agreement can give the agent broad powers to act in a way that would protect the principal's best interests, or it may specify exactly which decisions the agent is or is not allowed to make.

In Illinois, powers of attorney come in two distinct types addressing different types of issues:

• Power of attorney for property: This allows an agent to manage the principal's financial affairs and address other concerns related to their assets and debts. An agent may be authorized to buy or sell property, transfer money into or out of bank accounts, make transactions involving stocks and bonds, contribute to or withdraw from retirement plans, pay insurance premiums or receive insurance benefits, file and pay taxes, address issues related to Social Security or veteran's benefits, make business decisions, or pay financial obligations.
• Power of Attorney for Healthcare: This allows an agent to address concerns related to the principal's health and well-being. An agent may be authorized to access the principal's medical records, speak to doctors and other healthcare providers, decide where the principal will receive medical care, and determine what types of medical treatments should be performed or withheld.

While Illinois law provides standardized forms for powers of attorney for healthcare or property, it can be beneficial to consult with an attorney at A. Traub & Associates when creating these types of agreements. We can ensure that you fully understand the terms of the agreement, the circumstances in which it will be effective, and the extent of the decisions that your agent is allowed to make. We will help you craft an agreement that will address your unique circumstances and needs.

Contact Our Arlington Heights Estate Planning Lawyers for Powers of Attorney

If you want to make sure that your wishes will be followed, the compassionate, experienced lawyers of A. Traub & Associates are ready to help you create powers of attorney for healthcare and property. We will work with you to determine how to approach issues related to the medical treatment you want to receive and the ways you want your finances to be managed. To schedule a confidential consultation and begin making plans that will protect your interests in the future, contact us at 847-749-4182.