Schaumburg, IL Estate Planning Attorney
For many people, their independence is a source of great pride. What would happen, however, if you were unable to manage your own affairs or make decisions for yourself due to an injury, illness, or another type of incapacitation? Brian M. Krause understands that it can be difficult to consider a point in your life where you are unable to care for yourself. That is why we help clients draft responsible, legally sound powers of attorney and other important estate planning documents.
Understanding Powers of Attorney in Illinois
A power of attorney is an instrument that allows a person—known as the principal—to appoint another person to make decisions on the principal's behalf. The person who is given this authority is called an agent or an attorney-in-fact. There are two types of powers of attorney in Illinois, each designed to cover a different part of a person's life:
- Power of attorney for property, which allows the agent to make decisions regarding the principal's property, and debts; and
- Power of attorney for health care, which allows the agent to make health and medical-related decisions for the principal.
Depending on the wishes of the principal, the same person can serve as an agent under both types, or the principal may appoint a different agent for each role.
Protecting Your Future in Streamwood, IL
At our firm, we have the knowledge and resources to help clients decide who to select as their powers of attorney, as well as the decision-making authority they will have. We can also assist in determining when the powers of attorney will take effect. Some people want their agents to begin acting immediately while others create powers of attorney as a protective measure in the event of unforeseen or tragic circumstances.
If you are considering appointing a power of attorney, it is important for you to have in-depth conversations with the person you wish to appoint as your agent. He or she should be capable of managing your affairs and willing to do so. Your agent must also understand your values and goals so that the decisions made on your behalf reflect your wishes and protect your best interests.
Contact Us Today
A power of attorney can be a valuable tool in providing the security you need and the peace of mind you deserve. To learn more about powers of attorney or other elements of estate planning in Illinois, contact our office. Call 815-744-6550 for a free consultation today. Attorney Brian M. Krause and his team serve clients in Rolling Meadows, Schaumburg, Streamwood, Hoffman Estates, and the surrounding areas.