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Powers of AttorneyProtecting Your Wealth through Illinois Estate PlanningIllinois and federal estate taxes can take a significant portion of your wealth. But they do not have to. With thorough estate planning now, you can minimize the tax consequences and protect your assets for the people you want to receive them. At my Illinois office, I — Barry Hines, Attorney at Law — have helped clients draft complete estate plans for more than 35 years. As your lawyer, I will work to understand your priorities and draft documents that accomplish your goals. Call 217-953-4051 or contact me online to schedule an appointment at my Springfield office. Thank you for contacting Barry Hines, Attorney at Law. Your message has been sent. Call us now or use the form below. Call 217-953-4051 or contact me online to schedule an appointment with me — Barry Hines, Attorney at Law. I will listen to your estate planning concerns and draft documents that protect your wealth from Illinois and federal estate taxes. Estate planning is the only way to protect your wishes and your wealth for the future. Do not let Illinois and federal estate taxes prevent your loved ones from receiving the maximum benefit of your assets. Powers of AttorneyA power of attorney is a legal document in which a person (the principal) designates and authorizes another person (the agent or attorney-in-fact) to transact business or make certain decisions on his or her behalf. When a power of attorney is in effect, the agent essentially steps into the shoes of the principal and makes decisions that are legally binding on the principal. Powers of attorney can grant broad, general authority (known as a general power of attorney) or they can limit the attorney-in-fact's power to act on behalf of the principal to particular situations (known as a special power of attorney). Because there are many different types of powers of attorney available to address a variety of situations, powers of attorney are extremely useful estate planning tools. If you are interested in drafting a power of attorney, contact Barry Hines in Springfield, Illinois, to schedule a consultation with an estate planning attorney. Durable Powers of AttorneyIn general, the authority granted under a power of attorney terminates upon the death or incapacity of the principal. On the other hand, a durable power of attorney remains in effect or becomes effective if the principal becomes incapacitated or mentally incompetent. Because a durable power of attorney remains in effect during the principal's incapacity or becomes effective only if the principal becomes incapacitated, a person can sign a durable power of attorney to prepare for the possibility that he or she may become unable to manage his or her financial, medical or other affairs. Powers of Attorney for Medical CareA power of attorney for healthcare (also called a medical directive, an advance directive, a physician's directive, a written directive or a durable power of attorney for healthcare) allows a person to grant another person the authority to make healthcare decisions on his or her behalf while he or she is unconscious or if he or she becomes mentally incompetent or otherwise incapacitated. A health care proxy (also called a proxy directive) is a legal document by which a person designates another person to make healthcare decisions regardless of his or her incapacity. Another estate planning tool authorized by law in many jurisdictions is a living will. A living will (also called a declaration of a desire for a natural death or a directive to physicians) allows a person who is unconscious or incapacitated to express his or her desires regarding the use of extraordinary measures to extend his or her life when there is no reasonable expectation that he or she will regain consciousness or recover. Even if you have a legally enforceable power of attorney for healthcare, health care proxy or living will, your should discuss fully your preferences regarding medical care with the person or persons you have designated to make healthcare decisions on your behalf. Powers of Attorney for Financial or Property TransactionsA power of attorney can also be used by a person to grant another person the authority to manage his or her finances, buy or sell property, file tax returns or handle other legal transactions on his or her behalf. However, there are a few powers that a person may not typically delegate to his or her agent. For example, a person may not legally authorize his or her agent to prepare a will, vote or seek a divorce on his or her behalf. ConclusionComprehensive estate planning typically includes documents to protect an individual’s interests during his or her lifetime as well as documents to ensure that his or her wishes will be carried out after his or her death. If you have questions about powers of attorney or other estate planning tools, contact an estate planning lawyer at Barry Hines in Springfield, Illinois, to schedule a consultation. Copyright ©2010 FindLaw, a Thomson Business DISCLAIMER: This site and any information contained herein are intended for informational purposes only and should not be construed as legal advice. Seek competent legal counsel for advice on any legal matter.
Barry Hines, Attorney at Law
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