Giving Clients Peace of Mind in the St. Louis Metropolitan Area and throughout Missouri and Illinois
If you are concerned about how decisions will be made about your health or finances when you are sick or otherwise incapacitated, a durable power of attorney can be a tool to give you control during these situations.
What Is a Power of Attorney? When Is One “Durable”?
A power of attorney is a document that allows one person to act on behalf of the principal, who is person who signed the power of attorney. For example, an out-of-state home buyer may give power of attorney to a Realtor to complete the sale so that the home buyer does not need to attend the closing of the home sale.
A simple power of attorney expires and loses its power if and when the maker of the document becomes incapacitated. However, this is not the case if the person makes a durable power of attorney. What makes a power attorney “durable” is that it will stay in effect after the principal is incapacitated, allowing another person to make important decisions regarding issues related to healthcare or finances. As such, a durable power of attorney can be a powerful estate planning tool and provide you with peace of mind regarding how your affairs will be managed in the event that you are unable to manage them yourself. Importantly, a power of attorney must specifically state that it is durable or it will be interpreted to be a general power of attorney.
Examples of How to Use a Durable Power of Attorney
Our clients have set up a durable power of attorney in many circumstances. People find comfort in the fact that if they are hospitalized and unable to make decisions that their child or close family member can pay bills or make healthcare decisions. Having a durable power of attorney ensures that you and your affairs are taken care of by someone you trust.
What Are the Limitations on a Durable Power of Attorney?
Powers of attorney are regulated by state law; therefore, each state will have their own restriction on their use. For example, under Illinois law, there are numerous restrictions on durable power of attorney arrangements. Restrictions include:
- Who can be named in the durable power of attorney as attorney-in-fact.
- What duties the attorney-in-fact must be delegated specifically.
- What duties cannot be delegated in a durable power of attorney.
Contact a St. Louis Durable Power of Attorney Lawyer
Writing a durable power of attorney requires legal expertise. Failure to use an attorney could mean that your plans will not be honored by doctors, banks or the courts.
The attorneys at Kilo Flynn have represented clients in creating durable power of attorney documents in counties throughout Missouri and Illinois. Our estate planning clients reside in the City of St. Louis, St. Louis County and the Missouri counties of St. Charles, Lincoln, Jefferson, Franklin and Crawford, and the Illinois counties of Madison, St. Clair and Monroe.
Kilo Flynn is AV Rated by Martindale Hubbell and is committed to excellent customer service and client communication. To schedule free consultation to talk about how you could use a durable power of attorney arrangement, call our firm at 314-647-8910.