Chicago Lawyer for Powers of Attorney

Illinois Powers of Attorney for Financial Matters and Healthcare

Powers of attorney are frequently underutilized tools. They can aid in the fulfillment of short-term tasks, such as completing a real estate closing while you are away. They can be used to designate a successor manager of your financial affairs should you reach a point in life where you are no longer able to do so on your own behalf. A power of attorney can also appoint a trusted person who should make healthcare and personal decisions in your stead should you become incapacitated.

The Sherrod Law Firm, Ltd. is skilled in drafting customized powers of attorney to meet the unique needs of each client. We weave powers of attorney into comprehensive estate plans to prepare for any possibility that you will need someone to act on your behalf in the future. We are also experienced in creating short-term powers of attorney that can authorize an agent to take financial actions on your behalf. Each power of attorney we create is individually set out to meet your goals.

Chicago Lawyer for Temporary and Specific Powers of Attorney

Powers of attorney can be used for a single purpose and a limited amount of time. They can be used any time you will need another person to take an action of legal significance on your behalf. For example, if you plan to be traveling abroad at the time of closing on a real estate property you are buying or selling, we could draft a power of attorney that grants your agent the ability to sign closing documents on your behalf.

Such powers of attorney may automatically terminate once the designated task or time period has been completed.

Springing Powers of Attorney Lawyer in Hyde Park

Springing powers of attorney are so called because they "spring" into effect upon the principal's incapacity. These powers of attorney are frequently used as an estate planning tool to protect the principal's lifetime interests should the need arise. Such documents grant no powers until a declaration of incapacity has been made.

Financial Powers of Attorney

Through a financial power of attorney, you can appoint the person who you would want to step in and manage your financial affairs should you lose the capacity to do so. You have significant discretion in the powers you grant to your agent, but generally, a financial agent will need to access your bank or retirement accounts in order to cover your personal expenses.

You may also authorize your agent to continue making investments on your behalf, to buy or sell real estate, to transfer property into a trust, or to apply for benefits in your name. The purpose is to ensure that your financial affairs will be handled by a person you trust.

Healthcare Powers of Attorney

Springing healthcare powers of attorney are used to name the person you would want to make decisions about your medical care if you become unable to make choices for yourself. This should be someone who understands what your wishes would be and who will strive to make the decisions you would want them to make.

As with a financial power of attorney, you may be clear and specific as to what types of decisions your agent is to make and what types of treatment they may or may not consent to on your behalf.

Durable Powers of Attorney

If your goal is to grant another person certain powers immediately and indefinitely, including after you become incapacitated, a durable power of attorney can be used. For example, if you want a family member to manage your investment portfolio now and to continue managing it throughout your lifetime, a durable power of attorney can serve this sort of purpose.

Call a Chicago Powers of Attorney Lawyer

The Sherrod Law Firm, Ltd. can create a unique power of attorney to suit your needs. Whether you are planning for the future or asking an agent to take a specific action on your behalf, we will design a document that grants only those powers you wish to grant at the time you wish to grant them. Contact us online or call 312-321-6910 for a free consultation.