Many Illinois residents have taken the time to create an estate plan for their family. An estate plan is an important way for a person to share their wishes about what they want to do with their assets after they pass away. But besides the passing along of assets there are many other options an estate plan can provide. Illinois residents may want to learn about a durable power of attorney and how that is important in an estate plan.
In Illinois, a durable power of attorney, is a person who is given the authority to take over another person’s financial matters if they become incapacitated. If a person is no longer able to handle his or her affairs, a durable power of attorney can step in and take over their financial matters and make sure everything stays up to date for a predetermined span of time. A durable power of attorney can pay bills, deal with banking and investment issues, and sign legal documents. If a person is incapacitated having a designated durable power of attorney can be important in making sure a person’s financial matters are taken care of in a time of stress and uncertainty.
Creating an estate plan is important for everyone in Illinois. There can be many components of an estate plan besides the traditional will and trust. Designating a durable power of attorney is one such component that is important regardless of a person’s age. One can never know if they will be the victim of an accident or another medical situation in which they can no longer make decisions on their own. A legal professional who is skilled in estate planning can help their client understand what makes sense to include in their estate plan at their current stage of life. They can make sure they have the estate plan basics along with anything else that can make a family feel comfortable knowing that their wishes will be followed if they die or become incapacitated.
It is important for all Illinois residents to have an estate plan in place to protect their family, their health care wishes, and their financial matters. A durable power of attorney is one component of an estate plan that is essential.