Many people think estate planning only matters if something drastic happens. In reality, one of the most practical estate planning tools is something that helps with everyday life, a Power of Attorney for Property.

This document allows someone you trust to step in and manage your financial and property matters if you are unavailable, incapacitated, or simply need help. For individuals and married couples alike, it can be an essential tool for maintaining stability and avoiding unnecessary stress.

What Is a Power of Attorney for Property?

A Power of Attorney for Property is a legal document that allows you (the “principal”) to appoint another person (your “agent”) to handle financial and property-related tasks on your behalf.

In Illinois, this authority can be broad or limited, depending on your needs, and it can take effect immediately or only if you become incapacitated.

Everyday Tasks a Power of Attorney Can Handle

A Power of Attorney for Property is not just for emergencies. It can help with routine, day-to-day responsibilities, including:

• Paying bills and managing bank accounts

• Handling mortgage or rent payments

• Managing investments and retirement accounts

• Filing taxes and dealing with financial institutions

• Buying or selling real estate

• Managing insurance matters

If you are traveling, dealing with health issues, or simply overwhelmed, having someone legally authorized to help can make daily life much easier.

Why This Matters If You Become Incapacitated

If you become temporarily or permanently unable to manage your finances, no one automatically has the legal authority to step in, even close family members.

Without a Power of Attorney:

• Bills may go unpaid

• Accounts may be frozen

• Court involvement may be required through a guardianship proceeding

A properly drafted Power of Attorney for Property allows your chosen agent to act immediately, avoiding court delays, costs, and uncertainty.

Special Considerations for Married Couples

Many married couples assume they can automatically handle financial matters for each other. While spouses often share accounts, this is not always enough.

A Power of Attorney for Property can help married couples by:

• Ensuring one spouse can manage all finances if the other becomes ill or incapacitated

• Allowing access to individually titled accounts or property

• Preventing delays with banks, investment firms, or title companies

• Providing clarity and authority during stressful times

This is especially important in blended families, second marriages, or situations where assets are held separately.

Choosing the Right Agent

Your agent should be someone who:

• Is trustworthy and financially responsible

• Understands your wishes

• Is willing and able to act if needed

You can also name successor agents in case your first choice is unable or unwilling to serve.

A Simple Tool With Powerful Protection

A Power of Attorney for Property is one of the most practical and protective documents you can have. It ensures your daily financial life continues smoothly — whether you need short-term help or long-term support.

Taking the time to put this document in place now can save your family from confusion, court involvement, and unnecessary stress later.

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If you have questions about your estate plan or a probate matter, contact the Law Office of Jonathan W. Cole P.C. at (708) 529-7794 — Your Neighborhood Law Firm.