How Can A Property POA Benefit You?
Gullberg & Box, LLC has developed estate plans for Illinois families since 1990. Our detail-oriented attorneys carefully evaluate your individual circumstances to recommend and implement key estate planning tools. A property power of attorney, or POA, may be a valuable addition to your estate plan. Below you can read answers to some of our clients’ frequently asked questions to learn more about property POAs.
What Is A Property POA?
A property POA is a legal form that you can use to name someone to act on your behalf with regard to property and financial matters. The person you name to act on your behalf with regard to property and financial matters is known as your “agent,” and has the authority — unless limited — to sell and transfer your property, including your real estate (your house and/ or land) and your personal property (the money in your bank accounts and your other items of value).
Why Might I Need A Property POA?
A property POA can be useful if you want a trusted person to be able to pay bills on your behalf from your personal bank account or if you have some other type of property that you want them to help you manage.
Basically, if you prepare a property POA and name a trusted person to act on your behalf in the management of your property, your trusted person will be able to sell and transfer your property on your behalf.
Both a health care POA and a property POA can be modified or revoked during your lifetime. A property POA ceases to be effective on your death. For that reason it is not a viable estate plan in and of itself.
Contact Us To Discuss Your Options
If you are interested in creating an estate plan, call our lawyers at 309-734-1001 to schedule a free initial consultation. You may also contact us online. We have offices in Peoria and Monmouth for your convenience.