An important part of estate planning is setting out power of attorney documents. This designates who has the authority to make decisions and handle your affairs should you become incapacitated by an illness, injury, or cognitive decline. If something goes wrong and you do not have a power of attorney in place, it can be disastrous for your financial affairs. The court will need to go through the process of appointing someone before anyone can access your personal accounts.
A Rolling Meadows estate planning lawyer can assist you in making sure you have a properly executed power of attorney. We will also discuss your options for who you might designate to handle your financial affairs. In many cases, someone chooses their spouse or oldest adult child to be their power of attorney, though this might not be the best choice.
Some considerations for your decision might include:
- Who has knowledge of your financial accounts and affairs?
- Do you trust them to properly manage your assets and property?
- Do they have the time and availability to take on this responsibility?
Sometimes, a spouse might be getting older, as well, and might not handle the finances regularly. In this case, they might not be the best option. You might have an adult child who lives far away and is already busy with their job and family, so they might not have the time to devote to your affairs. You can consider friends, more distant relatives, or even a professional to fill this role.
Let a Rolling Meadows Estate Planning Attorney Help You
At Charles T. Newland & Associates, we help with every aspect of your estate plan, including your financial power of attorney. For a consultation at one of our offices in Libertyville, Rolling Meadows, or Lincolnshire, please contact us and an estate planning attorney can help.