Power of attorney in Monticello, Illinois grants one person to make specific decisions for another, under specific conditions. There are different reasons why one might grant power of attorney. However, most of them revolve around the possible incapacitation of the person authorizing 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 precise 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 instance, if you have very particular 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 truly become incapacitated. Presumably, if you are able to make and express your own medical decisions, you'll want to do it yourself.
In Monticello, 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 Monticello, Illinois
There are 3 general arrangements that power of attorney can involve in Monticello, Illinois. 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 regularly 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 right 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 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 permits the attorney-in-fact to make important decisions for the principal if the principal becomes incapacitated.
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 particular event takes place. This event can be anything. Most frequently, however, the agreement permits 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 truly "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 Monticello, Illinois Lawyer Help?
Setting up a power of attorney arrangement in Monticello, Illinois can be easy, but it can also be very confusing. It just varies 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.