Durable Power of Attorney for Property Lawyers in Libertyville

Lake County Attorneys Draft Power of Attorney Forms

What would you do if you suddenly lacked the capacity to make financial decisions for yourself? Are you prepared for such a possibility? Life is not always predictable, and it certainly is not always fair. With no warning, you could find yourself incapacitated and the assets you have worked hard to accumulate could be at serious risk. At Newland & Newland, LLP, we believe that it is impossible to overemphasize the importance of planning ahead. Our experienced attorneys are dedicated to assisting clients in Lake County and the rest of Northern Illinois in protecting their property against an uncertain future.

Choosing an Agent for Your POA

No matter how big or how small your estate might be, it is your right to decide what will happen to the possessions and assets that you own. As part of a comprehensive estate plan, you might wish to select another person to make financial decisions on your behalf in the event that you cannot make them for yourself. Such a person is called an "agent," and he or she is given the authority to make these decisions by means of an instrument known as a durable power of attorney for property.

Your agent must be capable of handling the duties associated with a power of attorney, and you must be able to trust him or her to protect your best interests. Our attorneys will work with you in creating a list of potential agents, and ultimately selecting the person who is best suited to take on the responsibilities.

Lake County Lawyers for Creating Powers of Attorney

There are many important duties associated with a durable power of attorney for property under Illinois law. Your power of attorney document can contain specific directions for your chosen agent, but he or she must also:

• Protect your best interests and the interests of your estate by acting in good faith;
• Understand and account for the financial consequences of his or her decisions;
• Maintain a comprehensive record of the actions taken;
• Keep all relevant documentation and paperwork;
• Work in cooperation with banks, creditors, and others involved with your finances; and
• Support the objectives laid out in your comprehensive estate plan.

It is important to note that a power of attorney can be used for purposes other than estate planning. A durable power of attorney is unique in that it can remain in effect even after you as the grantor become incapacitated.

At Newland & Newland, LLP, we know that you will need to consider a number of factors when drafting your power of attorney documents. For example, you must decide on the conditions that will allow your agent to begin acting your behalf, as well as any limitations you wish to place on your agent's authority. You should also give thought to who might assume the role of agent in the event that your first choice is unable or unwilling to fulfill his or her assigned duties.

Arlington Heights Attorneys Working for You

Our team knows how difficult it can be to think about the possibility of being unable to make decisions on your own. Giving someone else the power to make those decisions for you is a very personal and challenging process. With our experience and knowledge, however, we can help make creating a power of attorney for property easier for you so that you can have the security you deserve.

To learn more about durable powers of attorney in Illinois, contact our office. Schedule a free phone consultation by calling 847-549-0000 today. Our firm serves clients in Libertyville, Mundelein, Waukegan, Arlington Heights, Gurnee, Lake County, and throughout Northern Illinois.