The sad reality is that many families do not look into disability planning until after an incident has stripped the capacity from an aging loved one. Failure to plan can result in an unnecessary and expensive guardianship, the loss of the ability to qualify for veterans benefits, and fewer options for long-term care planning.
Every senior (just like every other adult) should have powers of attorney and health care documents.
But just any old power of attorney won’t do.
You can download the basic Illinois power of attorney for property form for free from a number of websites (for example, from the Illinois State Bar Association). The standard form is better than having no power of attorney at all. But it is missing several key provisions that can be crucial when dealing with issues often faced by seniors. Whether you have the standard form or a power of attorney designed for elder law issues often means the difference between protecting assets and spending it down.
Will your loved one be subjected to an expensive and time-consuming guardianship process because his or her power of attorney doesn’t handle elder law issues?
Make sure that you understand what your (or your loved one’s) power of attorney for property will, and won’t, allow you to do.
