Tragedy can strike at any time. It’s not an effort to be cynical or gloomy but rather an attempt to be realistic about the strangeness of life. People can become disabled from accidents or can lose their functions slowly over time. If you are unable to control the aspects of your life that is where you can have the benefit of someone working for your best interests, such as paying your bills, managing your finances and taking care of your family.
The power of attorney allows someone to sign your name on important documents pertaining to your future. It also holds that person to act as your fiduciary, or a trustee who keeps your best interests in mind. With your wishes in mind, they need to work for you.
The ways in which they work is mainly as two different types. The first is called the “springing power of attorney” in which a trustee is called into action given a certain circumstance. This gives the grantor the opportunity to control when the power of attorney is given and how it is used. Generally speaking, the court must be given proof of incapacitation on behalf of the grantor to recognize the power of attorney springing into action.
The other kind of power of attorney is called the “durable power of attorney” which is effective immediately. There is no proof necessary to prove incapacitation of the grantor. It allows the grantee to sign any documents a.s.a.p.
Without selecting a power of attorney, a court will have to elect one for you in the event that you are unable to. They will also charge a fee the election and your family will have to pay for the annual visits to report on your situation. If you select a bank or third party, you will need to negotiate some form of compensation for their services to manage your estate. As you can see it is very important to make a clear determination of who will be granted power of attorney to in order to manage your future. Please contact a certified Illinois estate planning attorney in Naperville today.