Power of attorney in Olney, Illinois allows one person to make certain decisions for another, under certain 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 actually become incapacitated. Presumably, if you are able to make and express your own medical decisions, you'll want to do it yourself.
In Olney, Illinois, you can find pre-printed power-of-attorney forms in many office supply stores. If the agreement you want to create isn't very complex, these could be a viable and very affordable option. Of course, it never hurts to have a lawyer help.
Types of Power of Attorney Arrangements in Olney, Illinois
Power of attorney in Olney, Illinois takes 3 main forms. Which one is appropriate for you depends on your individual situation. They are:
1. Limited power of attorney - limited power of attorney gives the attorney-in-fact the power to act on your behalf on a single issue, in a single transaction. For example, if you are buying a house in another state, you may wish to grant limited power of attorney to a friend or relative who lives in that state, so they can sign all of the relevant documents on your behalf, so you don't have to incur travel expenses. For obvious reasons, you should only grant this power to someone you trust. Once the transaction is complete, the power of attorney automatically disappears.
2. Durable power of attorney - unlike limited power of attorney, this does not automatically expire, and can last as long as the principal wishes. It can also be revoked by the principal. For example, if you want someone to handle your financial affairs for a time, you can give them the relevant authority in your power of attorney agreement, and it will last as long as you want it to. Of course, you should only give such power to someone you trust.
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 often 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 Olney, Illinois Lawyer Help?
Creating a power of attorney agreement in Olney, 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 prevent it from being implemented.