No one wants to consider their passing, but it is something everyone will face at some point. This is when having a will in place is crucial. Not only do you need a will because of your death, but it is also advisable to have a power of attorney in place, should you become physically or mentally unable to take care of your financial needs. This information will help you in understanding what a power of attorney is and why you should have one in place, as a part of your will. To get the help you need in making these legal decisions, it is advisable you hire a wills and trusts attorney in Downers Grove.
What Is a Power of Attorney?
When your lawyer begins to draw up your will, he or she will most likely talk with you about putting a power of attorney in place. A power of attorney should be someone you trust, who will act as your agent, should you become physically or emotionally incapacitated. Your power of attorney has the legal right to sign your name and act on your behalf. They are legally required to act in your best interest in all matters. They must also act within the confines of your stated wishes.
There are two main types of power of attorneys. A springing power of attorney only comes into control when a specific event occurs. As a part of your will, you will be able to name this specific event or events that will prompt your power of attorney to take over. In this type of power of attorney, your agent must provide proof you have become incapacitated, through a doctor’s letter or other legal documents.
The other type of power of attorney is the durable power of attorney. As soon as the legal documents are signed, through the wills and trusts attorney in Downers Grove, the agent goes into control of your financial decisions. This type of power of attorney is typically put into place when a person finds out they have a terminal illness. This grants power to the agent, to begin taking control over all of your financial matters.
If you are in need of assistance with choosing a power of attorney, visit Dan Walker Law Office.
