Lawyers in Illinois for Powers of Attorney

Results-Oriented Estate Planning Attorneys

At Sosin, Arnold & Schoenbeck Ltd., we assist individuals and families in the creation of comprehensive estate plans. Our accomplished lawyers have many decades of experience from which we draw in developing customized wills, trusts, and other instruments that can offer you and your family the security you need and the peace of mind you deserve.

Estate planning should be a collaborative effort between you and your attorney, along with helpful input from your loved ones as appropriate. Proper planning requires careful thought and open communication without unnecessary distractions. We offer flat-fee estate planning services for most types of engagements so that our clients can take all the time they need to be thorough instead of worrying about accumulating extra legal expenses.

Understanding Powers of Attorney

Power of attorney refers to the authority that may be assigned to a person or entity over the affairs of another individual. The agent to whom authority is granted is known as an agent or an attorney-in-fact, and the person granting such authority is the principal or grantor. The document that conveys these responsibilities is also referred to as a power of attorney (POA), and there are two primary types. A power of attorney for health care gives an agent the authority to make decisions for the principal regarding medical care and health-related matters, and a power of attorney for property addresses responsibility for financial decision-making and grants an agent the power to enter into contracts on behalf of the principal.

A power of attorney for health care is often utilized in conjunction with a living will or other advance medical directives. This allows an individual to establish his or her wishes regarding certain medical procedures and end-of-life care, and the person appointed as power of attorney can ensure those wishes are followed

By comparison, a power of attorney for property is used to allow an agent to manage a person's financial and property affairs when that person is no longer able to do so. The agent has the authority to write checks and withdraw money, handle bank and investment accounts, file tax returns, and complete all necessary paperwork on behalf of the principal. He or she also has a fiduciary duty to act in the principal's best interest and to document actions taken in the course of fulfilling that duty.

Terms of a Power of Attorney

You can specify the authority you wish your agent to receive and the conditions under which he or she will receive it. Most powers of attorney become effective when the principal becomes disabled or is otherwise unable to make decisions for himself or herself, but you have the right to establish other criteria as well. At Sosin, Arnold & Schoenbeck Ltd., we customize our clients’ powers of attorney to address their unique concerns and to function as components of the broader and cohesive estate plans we prepare for them.

To learn more about including powers of attorney in your comprehensive estate plan, contact our office. Call 708-448-8141 to schedule an appointment at Sosin, Arnold & Schoenbeck Ltd.