Power Of Attorney for Property

The Benefits of Having a Power of Attorney for Property

Financial power of attorney is an important estate planning tool that should be part of your estate plan. Not only will it provide you with peace of mind about your financial affairs, it will also save your loved ones the hassle and expense of establishing a guardianship in the event you are incapacitated by injury or illness. 

Why You Need a Power of Attorney for Property

Many people mistakenly think that simply putting someone else’s name on a checking account to pay their bills is good enough. Legally, such an approach can present many unforeseen problems and open the door to estate litigation down the road. 

For example, if that person were to be involved in a car accident or otherwise become unavailable, the account could be subject to seizure in order to pay restitution. If your selected co-signer finds themselves in financial trouble of their own, they may be tempted to use your account as a relief valve. 

A Power of Attorney for Property allows you to designate a trusted individual to make financial decisions for you in the event you are incapacitated, while legally protecting you and your estate from the aforementioned risks. It is an essential part of a comprehensive estate plan that will provide you with peace of mind no matter what your future brings. 

Protect Yourself With a Power of Attorney for Property

Since 1957, Bassett & Gabriel Law Office has been serving our neighbors in Wood River, Madison, and surrounding Illinois communities. We look forward to helping you with all your estate planning needs, including Power of Attorney. Call 618-254-0141 or contact us via email to get started with a free consultation.