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A power of attorney is a legal document that allows you as the principal to give another trust person, the agent or attorney-in-fact, authority to act for you. Powers of attorney are typically executed to allow the agent to act on behalf of the principal on occasions when the principal is absent. In some cases the absences is due to the principal being out of town or having a scheduling conflict. In other cases the power of attorney was designed to give the agent the authority to act on behalf of the principal should the principal become incapacitated due to an illness or accident. To learn more about the benefits of a power of attorney, contact an experienced Chicago attorney-in-fact lawyer.

Types of Power of Attorney

There are a variety of different types of powers of a attorney. You can create a power of attorney for property and finances, or for health care. Your power of attorney can be limited or general. A limited power of attorney gives your agent the authority to act for you for a very specific reason or for a specific transaction, while a general power of attorney gives the agent broad powers that cover a wider list of transactions. A power of attorney can be durable or non-durable. A durable power of attorney remains in effect if you become incapacitated while a non-durable power of attorney would end if you become incapacitated.

Attorney-in-Fact Powers

As an attorney-in-fact lawyer in Chicago will explain, the principal has discretion as to which powers he choose to give his agent. For a property and finances power of attorney, powers that are commonly conferred by a principal to an agent include:

  • Real estate transactions, such as buying and selling property, renting and leasing property, collecting rent, and repairing and improving property
  • Banking and transactions with other financial institutions, including opening and closing accounts, making deposits, and writing checks
  • Investment decisions and complete investment transactions, including buying and selling stocks and bonds, and exercising voting rights
  • Transactions related to personal property, including buying and selling
  • Retirement plan transactions, including making contributions to and withdrawing from
  • Tax transactions including, signing and filing federal, state and local tax forms

If the power of attorney is for healthcare, examples of authority you can give the agent includes:

  • Make decisions about health care facilities including long-term care facilities
  • Consent to or refuse particular medical treatments such as blood transfusions, surgery, and dialysis
  • Select physicians and other healthcare providers
  • Consent to or refuse life-sustaining treatments such as the use of a feeding tube, breathing machine, and CPR
  • Consent to an autopsy
  • Make decisions about burial and cremation
  • Make decisions about organ and tissue donation
Ending a Power of Attorney

If you would like to revoke power given to your agent, discuss the details with an experienced Chicago attorney-in-fact attorney lawyer. In general the authority given in a power of attorney ends upon the following events: the principal dies, the principal becomes incapacitated, the principal rescinds the power of attorney, a new power of attorney is executed, the purpose of the power of attorney is accomplished, or when the agent is no longer willing or able to act as the attorney-in-fact.

If the power of attorney is “durable” is will remain in effect even after the principal becomes incapacitated. If a spouse was named as the agent, the power of attorney ends upon divorce.

Contact the Law Offices of Stephen Bilkis & Associates

A power of attorney is a very powerful document. It is important that it is carefully drafted, reviewed, and executed. It is also important that great care is taken in determining who you select as your attorney-in-fact. In order to ensure that your powers of attorney are created in a many that will meet your goals, it is important to work with an experienced attorney-in-fact lawyer serving Chicago. The experienced attorneys at the Law Offices of Stephen Bilkis & Associates will ensure that you have customized powers of attorney that fit both your health care needs and your financial needs. We have years of experience representing clients in matters related to estate matters. We are here to help. Contact us at 855-454-5529 to schedule a free, no obligation consultation regarding your case. We serve individuals throughout Chicago.

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