Power of attorney in Lake Villa, Illinois permits one person to make particular decisions for another, under particular conditions. There are various reasons why one might grant power of attorney. However, most of them revolve around the possible incapacitation of the person granting the power - so that their wishes can be carried out even if they become unable to express them.
The principal is able to dictate the exact scope of the attorney-in-fact's authority. If you are giving someone power of attorney, you're probably planning on giving it to a close friend, family member, or life partner. The exact scope of the power is up to you, and will depend on what your goals are.
For example, if you have very specific desires for your end-of-life care, but are worried that you won't be able to express your wishes when the time comes, you can grant someone power of attorney in advance, so they'll be able to ensure that your wishes are carried out, if necessary. You should draft an agreement giving the attorney-in-fact power of attorney only in the event that you really become incapacitated. Presumably, if you are able to make and express your own medical decisions, you'll want to do it yourself.
In Lake Villa, Illinois, you can sometimes find pre-printed forms that let you easily draft a power-of-attorney agreement. However, if your situation is particularly complex, you should probably have a lawyer draft it for you, to ensure that the agreement is enforceable, or that there are no surprises.
Types of Power of Attorney Arrangements in Lake Villa, Illinois
There are 3 power-of-attorney plans that can be set up in Lake Villa, Illinois. Which one is best for you will largely depend on your goals, and your individual situation. They are:
1. Limited power of attorney - this is the most limited form of power of attorney. It lets the attorney-in-fact exercise his or her power once, and in only one instance (laid out by the principal, of course). This is commonly used in business deals, if it is not convenient for the actual party to a deal to be physically present for the signing of some documents, it can be done through an attorney-in-fact. You simply need to give them the authority to sign the paperwork on your behalf, and it will be just as binding as if you had signed the documents yourself.
2. Durable power of attorney - this gives the attorney-in-fact much more power than limited power of attorney. It can, in theory, give them unlimited power in a certain area of the principal's affairs. The document should lay out clearly what power the attorney-in-fact will wield. This arrangement, when used carefully, can be very useful, permitting the attorney-in-fact to make important decisions for the principal as long as is necessary, because it does not automatically disappear after a single transaction. Furthermore, the principal can revoke the power of attorney at any time.
3. Springing power of attorney - this is similar 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 decide the issue.
Can a Lake Villa, Illinois Lawyer Help?
Setting up a power of attorney arrangement in Lake Villa, Illinois can be easy, but it can also be very convoluted. It just depends on what you're trying to do. However, if you are at all unsure about how to proceed, it would probably be a good idea to have an attorney draft the agreement for you.