In Bridgeview, Illinois, power of attorney is an arrangement in which one person (the principal) gives another (the attorney-in-fact) the capacity to act on the principal's behalf in particular situations, and under particular conditions. Power of attorney might be authorized for any number of reasons, but it is most commonly set up to allow the attorney-in-fact to make financial and medical decisions on the principal's behalf in the event that the principal becomes incapacitated.
The principal can state in advance the scope and nature of the attorney-in-fact's authority. The agreement should be very clear on this matter, so you give the attorney-in-fact enough power to carry out your instructions, but not more than they need in order to accomplish your objectives. Additionally, the attorney-in-fact should be someone you trust, such as a family member or life partner. You also need to be cognizant of the fact that your distinct situation, as well as the actions you want the attorney to be able to take on your behalf, will help decide the most effective arrangement.
One very frequent reason for granting power of attorney is that the grantor believes that they might become incapacitated, due to age or illness, in the fairly near future, and they want to make sure that their preferences relating to care at the end of their life are followed. Of course, if nobody knows what that person's preferences are, and the patient is unable to express them, family members and doctors will simply have to guess. Obviously, there's a good chance that they could get it wrong. Thus, you should make your desires well-known to those who will be in a position to implement it, and grant, in writing, a person you trust (such as a spouse, life partner, sibling, or adult child) the authority to carry out your wishes, if necessary.
In Bridgeview, Illinois, you can likely find pre-printed forms at office supply stores available for purchase. They already have the basic terms of a power-of-attorney agreement written, and just need the parties to fill in the blanks with names, dates, and a few other details.
Types of Power of Attorney Arrangements in Bridgeview, Illinois
In Bridgeview, Illinois, there are 3 types of power of attorney. They are:
1. Limited power of attorney - this is probably the most limited form of power of attorney. It lets someone act on your behalf in a single instance. It is used most commonly in large sales transactions involving a written contract. If the closing of the deal is set to take place far away from where one of the parties is located, they can give limited power of attorney to someone who is closer. All you have to do is give that person the power to act on your behalf in this one transaction. This authority automatically expires once the deal is finished.
2. Durable power of attorney - unlike limited power of attorney, discussed above, this does not automatically expire, though the principal can stop it at any time. It is normally not limited to a single transaction, either. Rather, it covers a broader subject matter, though it still has limits. For instance, you could give someone durable power of attorney to make medical decisions for you, but they would only be authorized to act in that context.
3. Springing power of attorney - this is close to durable power of attorney, but the power is conditional. That is, it does not take effect unless some certain event takes place. This event can be anything. Most commonly, however, the agreement authorizes the attorney-in-fact to make important medical and financial decisions for the principal, only in the event that the principal becomes incapacitated. However, there are sometimes disagreements over whether or not a person is really "incapacitated" to the point that the power of attorney has been triggered. This can lead to a court of law having to determine the issue.
Can a Bridgeview, Illinois Lawyer Help?
Formulating a power of attorney agreement in Bridgeview, Illinois is not always easy. And even if the arrangement you want to set up is relatively simple, it might still be a good idea to have a lawyer go over it, just to make sure that there are no flaws that might keep it from being implemented.