Durable Power of Attorney for Property in Benton
Empowering You to Decide Who Will Make Decisions for You
No one wants to imagine a time when they are unable to make decisions for themselves. Yet the truth is that injury or illness could leave you incapacitated and unable to make financial decisions for yourself. Creating a durable power of attorney puts you in the driver's seat, predetermining who you want to make financial decisions for you should the unthinkable happen.
At Levanti Law, LLC, our attorneys can help you create this legally binding document, providing peace of mind knowing that you have authorized someone you trust. Call us today at (618) 717-4409 to take the first step.
Property Durable Power of Attorney: What It Is
Depending on your wishes, power of attorney documents can be very broad or narrowly tailored to confer certain authority you intend to grant to your agent. Your agent can make decisions outlined in the document. Naming a spouse, relative, or close friend as the agent is common. Choosing someone you trust and respect is important.
A durable power of attorney for property can include the authority for any of the following:
- Real estate transactions
- Financial institution transactions
- Stock and bond transactions
- Tangible personal property transactions
- Safe-deposit box transactions
- Insurance and annuity transactions
- Retirement plan transactions
- Social Security, employment, and military service benefits
- Tax matters
- Claims and litigation
- Commodity and option transactions
- Business operations
- Borrowing transactions
- Estate transactions
- All other property transactions
You can specify what life event will trigger the power of attorney, such as a written determination by your physician that you are incapacitated. Prior to a triggering event, you can revoke or amend the power of attorney at any time. You also can have multiple powers of attorney with each specifically handling specific financial and property decisions.
Property Durable Power of Attorney: What It Is Not
The name might be misleading but the person you name as your agent is not given the authority to act as an attorney for you in court unless they are an attorney licensed to practice in Illinois.
This particular power of attorney is also limited to decisions related to finances and property. This person cannot make medical and other health decisions for you. A separate power of attorney for healthcare is required for those types of matters. You can, though, name the same person as your agent under both powers of attorney.
Durable vs. Non-Durable Power of Attorney
A durable power of attorney authorizes the agents to make decisions for you once you become incapacitated to the time you die. A non-durable agent is very limited in the time and actions they can take. If you will be out of the country when closing on your house, for example, you authorize their attorney to sign the closing documents. Once that is completed, the non-durable power is terminated.
Perils of Not Naming an Agent
Should you become unable to make financial and property decisions, a guardianship would be needed to protect your estate. The court will appoint a guardian to pay your bills and make other financial decisions for you. This guardian can be a third party you do not even know. A court-ordered guardianship can usually be avoided if you have a power of attorney for property in place.
Trust Experience to Create a Power of Attorney for Property
Our skilled attorneys can advise you on powers of attorney and other estate planning tools. At Levanti Law, LLC, you will find dedicated advocates who are compassionate and deeply familiar with estate planning laws in Illinois.
If you have questions about wills, trusts, probate, or guardianship, schedule a consultation with one of our knowledgeable attorneys. Take the first step by calling us at (618) 717-4409 or by completing our online form.