Estate planning is one of those responsibilities that many people put off for as long as possible. However, proper estate planning is crucial to ensuring your wishes are followed if you become incapacitated or pass away. An important part of your estate planning process is choosing a power of attorney (POA). Your POA will have the authority to make decisions on your behalf if you are unable to make or express your wishes. It is important to choose someone you trust who can handle this vital responsibility.
The Main Types of Power of Attorney in Illinois
There are two main types of power of attorney. A power of attorney for health care gives someone else the authority to make medical decisions on your behalf. A health care POA will be expected to make decisions about the types of medical treatment you do and do not receive if you are incapacitated by illness or injury.
A financial power of attorney gives someone the authority to handle your finances if you cannot do so yourself. For example, your financial POA may pay your bills or file taxes if you are too sick to manage these issues. You can choose to have the same person act as healthcare and financial power of attorney or you can assign these roles separately.
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