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YOUR SOURCE FOR POWERS OF ATTORNEY

WHAT IS A POWER OF ATTORNEY?

A Power of Attorney (a.k.a. POA) is a legal document giving a person (a.k.a. the attorney-in-fact or agent) the authority to act in place of another person (a.k.a. the principal). The document will define either broad or limited authority to the agent to make legal decisions concerning the principal’s medical care, property, or finances. The POA is often used in the event of the principal’s disability or illness. It can also be used when the principal is not able to be present to sign necessary legal documents.

Ending a Power of Attorney: There are a number of reasons for which a POA can end. Some examples are:

  • The principal dies
  • The principal revokes it
  • A court invalidates it
  • The principal divorces their spouse, who also happens to be the agent
  • The agent can no longer carry out the documented responsibilities

Conventional Vs. Durable Vs. Springing POA: A Conventional POA can end when the creator becomes incapacitated. A Durable POA remains in effect to enable the agent to manage the creator’s affairs. A Springing POA becomes in force only if and when the creator of the POA becomes unable to act or respond.

A medical or healthcare POA enables an agent to make medical decisions on behalf of a creator who has become incapacitated.

TERMINOLOGIES:

  • Agent: a person or business authorized to act in behalf of another.
  • Principal: a person who takes the leading part in an activity.

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Williams, Williams, & Bembenek P.C. is fully licensed Central Illinois law firm equipped to provide you with all the Estate Planning services you need for peace of mind. The law firm has provided guardianship and conservatorship for their clients in the Peoria Tri-County and surrounding areas for over 40 years.

While no one wants to think about their own death or disability, creating an estate plan is one of the most important steps you can take to protect your money and family finances. Proper estate planning puts you in charge of your finances and can also relieve your loved ones of the expenses, delays and frustration that come with managing your financial affairs when you die or become disabled.

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