Wills and Trusts Lawyer Kane County – MDR Law Office – Call 630-402-0850
A Wills and Trusts Lawyer Kane County also can draft a trust, which is a tool that permits another individual – the trustee – to handle assets that are placed in the trust on behalf of one or more beneficiaries. A trust is a document stating when disbursements are to be issued to beneficiaries. This useful legal device is used on its own or along with a will.
Power of Attorney
A power of attorney enables an individual to act on the behalf of the principal. This form of legal document permits the person with power of attorney to manage legal and fiscal affairs of the principal. It can be quite broad, providing for them to exercise a full scope of legal rights for the principal. Or, power of attorney may provide for just a few particular powers like selling a parcel of property.
The principal may choose when the power of attorney takes effect, and it can include a set schedule. Alternatively, it could take effect later at a time determined by the principal.
Healthcare Documents – Wills and Trusts Lawyer Kane County
There are a variety of wills and estate plan documents that are related to healthcare directives. A power of attorney regarding healthcare permits the principal to name another person to make healthcare decisions on their behalf in the event the principal is unable to do so. The useful document determines the scope of power of attorney, such as declaring it can be used to access the principal’s medical documents and communicate with medical personnel.
A living will is another form of legal document that can supplement power of attorney. It permits the principal to provide instructions for which kind of life-sustaining medical treatment they are to receive if incapacitated or unconscious for an extended time.
Providing for Incapacitation – Wills and Trusts Lawyer Kane County
In the unfortunate event that you become incapacitated, it could make it very difficult or not possible to responsibly manage your financial or medical matters. Many people are under the incorrect impression that their grown children or their spouse would seamlessly take over if they became incapacitated. The reality is that for others to be in position to oversee your finances or healthcare, they must petition the court to have you declared as legally incompetent. It’s a process that can take some time and be relatively expensive.
One of the most useful estate planning documents for managing property is power of attorney. It enables the principal to name someone to act in their place for financial matters.
Along with sound financial management of your affairs in the event you are incapacitated, it’s also wise to talk to your Wills and Trusts Lawyer Kane County about creating a plan for your healthcare. State law permits you to appoint a trusted family member or friend to issue decisions about medical treatments if you are not able to decide on your own. This can be done by using a power of attorney for healthcare where you appoint someone to make those decisions.
Power of attorney appointments are described as “durable” because in contrast to common law power of attorney they remain intact during the principal’s incapacitation and end upon the principal’s death.
Provisions for Minor Children – Estate Planning, Wills and Trusts Lawyer Kane County
It’s important your estate plan addresses matters regarding care of your child or children. If they are young, you might want to think about drafting a plan that will enable your spouse to dedicate more attention to them without the extra burden of work responsibilities. You might also wish to provide for specialized counseling and other resources for your spouse if they lack experience in handling financial and legal issues. Talk with your Wills and Trusts Lawyer Kane County about the possibility of you both passing away simultaneously or within a brief period of time.