Sugar Grove Estate Planning Attorneys

Power of Attorney for Property in Illinois

Preparing a will is a common way to prepare for your future. As you get older, many are advised at some point to plan for the future with a will. Maybe a relative or friend passed away without planning his or her estate, and you saw firsthand the complications of dealing with such a situation. While wills are important estate planning documents, they are not the only ones to consider. In fact, a lot of people are unfamiliar with other important preparation steps to take. Signing a power of attorney (POA) for property, for example, can save you and your family a lot of stress and heartache in the future. The Kane County estate planning lawyers at the Law Office of James F. White, P.C. can offer you assistance.

What is a POA?

Simply put, a POA is a document that assigns your specified legal rights to another person. A POA allows you to designate an agent to take care of certain rights or decisions should you become incapacitated. When you sign this document, you can grant power to your agent for a period of time, or until your death. There are different types of POAs, including POA for healthcare and POA for property.

Benefits of POA for Property

Unlike a POA for healthcare, a POA for property is not related to making medical decisions. Rather, this document designates certain financial and legal responsibilities to your agent. Your POA for property gives your agent the ability to make legal decisions regarding your property. This includes making financial decisions about your assets. Some common responsibilities granted in a POA for property may include:

• Paying bills;
• Trading stocks;
• Purchasing or selling real estate;
• Filing and paying taxes;
• Maintaining financial accounts; and
• Managing business affairs.

When drafting a POA for property, you can dictate the specific tasks your agent must do. For example, you can allow your agent to handle your personal finances but not your business assets. Alternatively, you can grant broad property powers to your agent. Doing so will allow him or her to protect and maintain all of your property, including financial assets, as he or she sees fit.

The POA Process

State law recognizes the validity of POAs as enforceable legal forms. Regardless of the specific types of POA you want, you will need to sign and execute a POA document. You must also designate an agent who is at least 18 years old, and is capable of making legal decisions for you. It is a good idea to consult with an experienced estate planning attorney about drafting the most beneficial POA for your situation

Experienced Kane County Estate Planning Firm

If you have questions regarding a power of attorney for property, contact the Law Office of James F. White, P.C. today. Our Kane County estate planning lawyers have helped countless clients throughout the area. We have the experience necessary working with Illinois estate planning law, and will use that knowledge to guide you through your legal options. If you have questions about a POA for property, or want to know more about estate planning in Illinois, call our firm today at 630-466-1600 to schedule a free consultation.