there are many unpleasant situations that can leave you unable to make your own decisions about healthcare, finances, or your business. a power of attorney is a legal document that designates a person to act in your stead. in this way, a power of attorney allows you to maintain control over your healthcare and finances in situations in which you are unable to make your wishes known. one common designation is a healthcare power of attorney, which applies to medical decisions that you cannot make due to incapacity. incapacity is a legal term that means you do not have the ability to make decisions for yourself. if a patient were suffering from dementia, for example, he or she may not be competent to make decisions about healthcare. power of attorney grants the authority to make medical decisions. it is also important to supplement a power of attorney with documents that specifically state what your medical wishes are. you may also designate power of attorney to a person who will make financial decisions on your behalf.
once you have been proven to be incompetent to make your own financial decisions, your “attorney” will be able to make these decisions for you. you can also provide for a secondary “attorney” who will take over if the first “attorney” abuses his or her authority to make financial decisions on your behalf. your financial power of attorney can be specific or general. your financial power of attorney should address any specific matters that apply to your personal, family, or business finances. this could be as the owner of an llc, a stockholder in a publicly-traded corporation, or a partner in a limited business venture. one is a simple financial interest in the business profits and losses, or the sale of your stock. if you become incapacitated, you can execute a power of attorney that gives your chosen “attorney” the authority to act on your behalf in all business matters. for example, if you have one vote on a ten-vote board, your attorney will only be able to make your single vote by proxy. be sure to choose a proxy who understands the business and will make informed decisions in your stead.
as a legal document, a power of attorney allows you to transfer the authority of your assets. including the management, investment, or spending of assets owned individually or in a joint account, a power of authority can be a helpful way to prepare for the future, but it also serves to protect the management of your assets if you were to become mentally incapacitated, for instance. however, because you are granting control of your assets or even health care decisions if something happens to you, it is essential to carefully and diligently draft the power of attorney document. to speak with attorney provenza about your power of attorney, call our office today at (847) 729-3939. there are several ways you can establish a power of attorney. also, a power of attorney can endure indefinitely or for a specific period of time. illinois has a durable power of attorney law, which allows for the appointment of an agent and a successor agent.
when getting a power of attorney in illinois, one of the first and foremost questions you need to ask is, “is there a person who has my utmost trust and confidence?” remember, the power of attorney allows an agent to control over specified matters. once you have decided on an agent, you will need to complete the appropriate power of attorney form. if you are completing a property powers of attorney form, you will need to have the form notarized. the final step is to provide a copy to your agent and make several copies of the original form. you should give your power of attorney for property to your bank as well as other financial institutions. nonetheless, creating a power of attorney is important if you want to best protect your financial assets (as well as your health) in the event that you become mentally incapacitated. at james c. provenza & associates, located in glenview, il, we can ensure absolute diligence and supervision over the creation and, if needed, the administration of a power of attorney.
chicago, il power of attorney lawyers (45 attorneys, 179 reviews). compare power of attorney attorneys near you. read reviews and contact them directly. if you would like to discuss your power of attorney (poa) options, consult with the legal team at malman law. call today for a free initial consultation. a power of attorney is an essential document in any strong estate plan. for your chicago or illinois estate, call lawyer provenza for your power of attorney., poa lawyers near downtown chicago, il, power of attorney chicago indian consulate, will lawyer near me , will lawyer near me , business attorney near me.
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