The importance of estate planning
There are many factors to consider when you are ready to create your Estate Plan. An Estate Plan generally consists of a Will, a Power of Attorney for Medical, and a Power of Attorney for Financial Purposes.
A will is a document designed to direct how you want your belongings to be disbursed when you pass away. A will names an executor, the person who will be in charge of disbursing your property after you pass away. If you have children, your will should also dictate who you wish to be the legal guardian of your children, should you pass away before your children are 18 years old. If you pass away without a valid will, your estate will be handled according to the Illinois Probate Act.
A power of attorney for medical is a document that allows you to choose someone to make health care decisions for you. This protects you so that if you are unable to make decisions for yourself, your power of attorney can make decisions for you. A power of attorney has a legal obligation to act in the best interest of the person who gave them the power. It is important to execute this document while you are of sound mind. If someone requests a power of attorney but is not competent, this person is unable to assign their decision making ability to someone else. In that case, a guardianship will likely have to be established through the local courts. A medical power of attorney can make decisions regarding healthcare, medical treatment, end of life decisions, authorizing an autopsy, and regarding the disposition of your body when you pass away. It is a very important decision to make when you select your power of attorney.
A power of attorney for financial, also known as a power of attorney for property, allows someone to handle your money and make financial decisions for you if you are unable to. Having someone else handle your finances can seem scary but when drafting your Estate Plan, limitations can be placed on the person that you name as your Power of Attorney. This is a very important document because it allows someone to handle important matters if you are too sick or injured to make the decisions. It is vital to make sure the person you name as your power of attorney is someone you trust.
It is important to note that Power of Attorney forms generally end upon death. When you select a Power of Attorney for financials, that does not automatically make this person your executor of your estate.
How I can Help
I am happy to prepare an Estate Plan for you that specifies exactly what you want. This process begins when you contact my office to discuss your estate plan. I will schedule a phone conference or send you a written questionnaire to determine how we can best prepare your estate plan.
Your will and your power of attorneys are revocable, meaning if facts change and you wish to change the documents you have previously signed, that can be done, so long as you are of sound mind to sign a new set of documents.
If you are interested in an Estate Plan, please email me.