Just like a power of attorney for health care, an Illinois power of attorney for property is a legal document in which someone appoints another person, called an agent, to act on their behalf. A property power of attorney though deals with authorizing your agent to make decisions regarding your property, whether it is bank accounts, financial accounts, or your home. Just like a health care power of attorney your agent must be 18 or older and must be of sound mind and memory. When considering naming an agent you should consider at least:
- How well you know the person
- How well they manager their own affairs and property
- How much you trust the person
- Whether they will be able to understand financial transactions
- How the individual deals with risk
- How the individual deals with stress
- How familiar the person is with your wishes
Unlike a power of attorney for health care, the power of attorney for property often times limits agents to very specific powers and very specific assets. By having an Illinois power of attorney for property, you can avoid the necessity of having a court appointed guardian. Having an Illinois power of attorney for property, a durable power of attorney, you can ensure that your agent under the power of attorney is able to manage your financial affairs without the imposition of a guardian if you ever become incapacitated.
A property power of attorney is an important part of your overall estate plan. A properly drafted estate plan can ensure that your assets receive the protection they need and that your wishes are carried out. An Illinois power of attorney for property can ensure your agent is allowed to assist in your financial management when you are no longer able. We draft powers of attorney for clients throughout Illinois, Schaumburg, Hoffman Estates, Rolling Meadows, Palatine, Barrington, Streamwood, Bartlett, Chicago and throughout the suburbs of Chicago.