Power of Attorney – Property

Executing a Power of Attorney for property can be a useful tool in case of a medical emergency or disability. The purpose of the document is to allow a named individual to perform financial and property transactions for you should that person receive written notice from your attending physician that you are not currently able to perform those functions. Although this document can be more limiting than a Revocable Living Trust, it can still be useful for the short term such as in the case of an emergency.

This is essentially an authorization for an individual or entity authorized to legally manage your affairs when you are unable to do so on your own. Should you become disabled or incapacitated this allows your designated loved one to make financial decisions and handle your financial affairs when you are unable to do so without the need for a disabled guardian being appointed by the court.

The Power of Attorney can be drafted to provide broad powers or limit them to specific activities. If you don’t have a power of attorney and are incapacitated a Judge will need to appoint a guardian to manage your affairs. This process can be lengthy. It is therefor important to have a Power of Attorney for Property prepared as part of your comprehensive estate plan. Contact the Estate Planning Attorneys at Urban & Burt, Ltd. at 708-687-5200 to set up a free consultation.