As a part of the estate planning process, many people are concerned about selecting a power of attorney. Making the best choice is crucial in this case, as this person will be responsible for making essential decisions about your finances and health when you're no longer able to do so. The Financial Industry Regulatory Authority recommends the following tips in this case, which can help you find the best candidate in Illinois to assist you when the time comes.
Include Specifics About the Level of Authority
You can actually tailor a power of attorney to your specific needs and requirements. For instance, you can designate how long a person will hold authority, how much they will possess, and if there are any decisions that he or she is not permitted to make. Be specific when spelling out terms; that way, the court can refer back to the power of attorney if a dispute arises.
Make Sure You Meet State Requirements
You'll also need to ensure that your power of attorney is created in accordance to the laws in your state. In Illinois, all powers of attorney are deemed durable at creation (meaning that authority is still granted even if the principle becomes incapacitated mentally). Non-durable powers of attorney usually only apply to a specific event, after which authority of personal matters would revert back to the principle.
Don't Succumb to Pressure
Some people will attempt to coerce another into signing over authority on personal and financial matters. If you feel this is happening to you, it's important to get a professional perspective to ensure everything that occurs is legally sound. Working with an experienced estate planning lawyer can be ideal in this case, as it will allow you to rest assured that your best interests are kept in mind.