In Fox River Grove, 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 certain situations, and under certain conditions. Power of attorney might be authorized for any number of reasons, but it is most often 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. Furthermore, 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 common 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. Therefore, 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.
Occasionally, you can find pre-printed forms in Fox River Grove, Illinois permitting you to easily draft a power of attorney document. In some cases, this may be all you need. These forms already have the basics of such an agreement committed to writing. All you and the other party have to do is fill in the blanks, per the instructions, and possibly have the forms notarized.
Types of Power of Attorney Arrangements in Fox River Grove, Illinois
There are 3 basic arrangements that power of attorney can involve in Fox River Grove, Illinois. 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 often 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 - this gives the attorney in fact the power to make decisions on a general area of the principal's affairs (for instance, the authority to access the principal's assets to pay the principal's debts, or the power to make healthcare decisions on behalf of the principal). Unlike limited power of attorney, durable power of attorney does not expire unless the principal revokes it. This is useful, because it allows the attorney-in-fact to make important decisions for the principal if the principal becomes incapacitated.
3. Springing power of attorney - this is a form of power of attorney which doesn't actually take effect until the occurrence of some specified event. This event can be anything, but it is usually the principal becoming disabled. You should be aware, though, that it is not always clear what "disabled" means in such an agreement, which can result in disagreements, resulting in litigation.
Can a Fox River Grove, Illinois Lawyer Help?
Because setting up a power of attorney agreement is not always easy in Fox River Grove, Illinois, it's never imprudent to at least consult with a lawyer beforehand. As with any legal agreement, there are things that can go wrong, which laypersons may not foresee.