Arlington Heights Power of Attorney Lawyer

Attorney Assisting With POA for Healthcare and Finances in Rolling Meadows

Deciding what should happen after your death is a key part of any estate plan, but it is also important to consider how certain matters should be handled during your life. In some cases, you may be concerned about what will happen if you ever become incapacitated and how decisions will be made about issues such as medical treatment or financial matters. Creating powers of attorney will ensure that your wishes will be followed in these types of situations.

The lawyers of A. Traub & Associates have worked with many clients to address their concerns about what they would like to happen both during their lives and after their death. We can help you understand your rights when creating a power of attorney, and we will work with you to create an agreement that will meet your needs.

Power of Attorney in Illinois

In a power of attorney agreement, the person making the agreement (known as the principal) names a person (known as the agent) who is authorized to make decisions on their behalf if they become incapacitated or cannot make decisions on their own. An agreement can specify the circumstances upon which it will become effective; for example, the power of attorney may go into effect immediately upon being signed, or it may only become effective upon the principal's incapacitation. In addition, the agreement can give the agent broad powers to act in a way that would protect the principal's best interests, or it may specify exactly which decisions the agent is or is not allowed to make.

In Illinois, there are two types of powers of attorney:

• Power of attorney for property - This allows an agent to make decisions regarding the principal's financial affairs. An agent may be authorized to buy or sell property, transfer money into or out of bank accounts, make transactions involving stocks and bonds, contribute to or withdraw from retirement plans, pay insurance premiums or receive insurance benefits, file and pay taxes, address issues related to Social Security or veteran's benefits, make business decisions, or pay financial obligations.
• Power of attorney for healthcare - This allows an agent to make decisions regarding the principal's health and well-being. An agent may be authorized to access the principal's medical records, speak to doctors and other healthcare providers, decide where the principal will receive medical care, and determine what types of medical treatments should be performed or withheld. 

While Illinois law provides standardized forms for powers of attorney for healthcare or property, it can be beneficial to consult with an attorney at A. Traub & Associates when creating these types of agreements. We can ensure that you fully understand the terms of the agreement, the circumstances in which it will be effective, and the extent of the decisions that your agent is allowed to make. We will help you craft an agreement that will address your unique circumstances and needs.

Contact a Palatine Estate Planning Attorney

If you want to make sure that your wishes will be followed, the compassionate, experienced lawyers of A. Traub & Associates are ready to help you create powers of attorney for healthcare and property. We will work with you to determine how to approach issues related to the medical treatment you want to receive and the ways you want your finances to be managed. To schedule a confidential consultation and learn more about your options, contact our office at 847-749-4182. We help create estate plans in Arlington Heights, Wheeling, Hoffman Estates, Rolling Meadows, Buffalo Grove, Schaumburg, Mt. Prospect, Elk Grove Village, Palatine, Inverness, Des Plaines, Long Grove, and throughout Northwest Cook County.