“Who will make decisions for me if I cannot do so?”
A Durable Power of Attorney for Property allows you (principal) to designate another person (agent) to act on your behalf with regard to the your property and finances.
A Durable Power of Attorney for Property can be specifically tailored to fit your needs and wishes. Your agent’s powers can be broad or limited to a single transaction. Some of the typical powers covered by a Durable Power of Attorney for Property include:
· Real estate transactions.
· Financial institution transactions.
· Stock and bond transactions.
· Tangible personal property transactions.
· Safe deposit box transactions.
· Insurance and annuity transactions.
· Retirement plan transactions.
· Social Security, employment and military service benefits.
· Tax matters.
· Claims and litigation.
· Commodity and option transactions.
· Business operations.
· Borrowing transactions.
· Estate transactions.
You as the principal can decide when your agent may exercise their powers. For example, the agent’s powers can start immediately or their powers may only be exercised should you become incapable of making your own decisions.
Finally, you may change or revoke your Durable Power of Attorney for Property at any time so long as you are capable of making decisions for yourself.
A Durable Power of Attorney for Property tailored to your specific needs is an important part of your comprehensive estate plan.
Contact the Wills, Estate, and Trusts Lawyers in La Grange, Illinois at Larson & Greenberg Law Group, for a free consultation about your specific estate planning needs.