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For most people, the best option is to have a general durable power of attorney because it gives your agent broad powers that will remain in effect if you lose the ability to handle your own finances. An attorney can customize a general POA to limit powers even moreor add powers, Berkley says. What to Know About the Different Types of Power of Attorney - Carefull getcarefull.com articles types-of-power-of-atto getcarefull.com articles types-of-power-of-atto
What three decisions Cannot be made by a legal power of attorney? A legal power of attorney does not enable an agent to take over responsibilities from the Principal, make choices after their death, or assign inheritances and assets once they have passed away. What Happens If Two People Listed As Power Of Attorney Disagree? oflaherty-law.com learn-about-law what- oflaherty-law.com learn-about-law what-
The purpose of this Power of Attorney is to give your designated agent broad powers to handle your financial affairs, which may include the power to pledge, sell, or dispose of any of your real or personal property, even without your consent or any advance notice to you. 755 ILCS 45/3-3 - Illinois General Assembly ilga.gov legislation ilcs documents ilga.gov legislation ilcs documents
A Power Of Attorney Doesnt Address What Happens to Assets After Your Death. A power of attorney ends at your death, so it does not do anything to protect your wealth after you are gone or to facilitate the timely transfer of assets to loved ones.
The General Assembly recognizes that each individual has the right to appoint an agent to make property, financial, personal, and health care decisions for the individual but that this right cannot be fully effective unless the principal may empower the agent to act throughout the principals lifetime, including during 755 ILCS 45/ Illinois Power of Attorney Act. ilga.gov legislation ilcs ilcs5 ilga.gov legislation ilcs ilcs5
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Risks of a power of attorney The main risk of having a power of attorney is your agent may make the wrong decisions on your behalf. Make sure your agent understands exactly what your wishes are and why they are important to you.

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