Elder Law/Estate Planning
PLANNING AHEAD FOR END OF LIFE ISSUES
As people mutually assume that they will be in charge of important personal and property decisions, it is believed that fewer than 50% of adults have made decisions for how their person and property will be used if they are unable to give directions – either due to disability or after death. As an attorney I know that it is important to consult an attorney in creating the basic planning to address life’s uncertainties. Taking action to do this basic planning usually results in increased emotional well-being and greatly reduces anxiety for life’s uncertainties.
First things first:
Prepare Powers of Attorney for Healthcare and for Property. These are Illinois Statutory based documents available from American Legal Forms best consulting professional advice is strongly advised.
Power of Attorney for Healthcare
This directive states your end of life decisions and identifies who is to act for you if you cannot make decisions for yourself. You decide whether quality of life is more important than extension of life. You also can direct the degree to which your agent must rely on medical advice in making serious medical decisions.
As with the Power of Attorney for Property, you can name one or more successor agents. It is not unusual for a named successor agent to be called upon if the first named agent is no longer available or willing to act.
Power of Attorney for Property
This direction authorizes a named agent to have authority to make business decisions and to carry out both routine and unsolved decisions during your lifetime. The extent of the authorization may be broad or limited and limitations on when the authorization begins and ends may be stated. As with Healthcare POA’s the POA is effective on execution and terminates on death unless a termination condition is set out in the document. Of utmost importance is that the agent under either POA be completely reliable. Both Powers of Attorney require at least one witness. The signatures on the Power of Attorney for Property require signing before a notary public.
Wills
Where is your will
Illinois Statute determines who inherits and how a decedent’s estate is administered when there is no will.
Preparation of a will in compliance with statute allows the maker of the will to determine how property is to be distributed and who is to be in charge of administering the estate or executor. The executor will collect assets, pay debts of the decedent from assets of the estate and make distributions to the person or entities set forth in the will. Illinois law allows the maker of a will to provide for independent administration without court supervision and to direct that surety on the bond of the executor is waived. When appropriate, these directions in a will can reduce costs of administration for the estate.
In Illinois, requirements for execution of a will include that the maker be of clear and disposing mind and memory and that his/her signature be witnessed by at least two witnesses who observe the signing and sign in the maker’s sight and presence and in the sight and presence of the maker and within the sight and presence of each other.
Final Direction
As the will may not be found and read until well after the death of the decedent, it is important that persons who are in charge of final arrangements make their clear directions preferably in writing) to those who will be in charge of funeral arrangements and disposition of the body. If possible, it is very helpful to those who have charge of final arrangements to have pre-need arrangements made with a funeral home of choice or with such of the entities as may be of assistance. Among these are the Chicago Memorial Society, the Anatomical Gift Association of Illinois, the Neptune Society, and others.