In this Elder Law Minute, Paige Fox explains the importance of having powers of attorney for healthcare and property as a basic estate plan.
Video Transcription:
Hi, my name is Paige Fox. I’m a Senior Associate Attorney here at Dent Coulson Elder Law. I understand these topics can be very complex, so I hope these Elder Law Minutes bring some insight and deeper understanding to both potential and current clients. Thank you.
So, what is the bare minimum estate plan?
In my opinion, powers of attorney for both health care and property are the absolute bare minimum that anyone—especially those over the age of 18—should have.
A lot of us don’t realize that once we turn 18, no one automatically has the legal ability to make decisions for us. Even though you may still feel like a kid at 21, 22, or even 25, legally, you’re an adult at 18—and unless you designate someone in a legal document, no one can step in on your behalf.
That’s where powers of attorney come into play.
One of the main goals of having a power of attorney is to ensure that if you become unable to make your own decisions—whether related to health care or finances—someone you trust can step in without the need to go through court. Without those documents, your loved ones may be forced to seek a guardianship, which is not only time-consuming and expensive, but also requires ongoing court involvement, often on a yearly basis.
By comparison, a properly executed power of attorney can help avoid the need for guardianship entirely—saving both time and money while protecting your independence and wishes.
It’s also important to know that while Illinois provides statutory power of attorney forms, those are basic templates—and by law, they can be modified. So, if you have a more complex estate, a disability, or you’re aging, these documents can be customized to better suit your needs and provide additional protections for both you and the individuals you’ve appointed to assist you.
To summarize:
Bare minimum: Health care power of attorney and property power of attorney for everyone over age 18.
Next level: Add a Last Will and Testament.
Comprehensive: Consider a Living Trust or even an Irrevocable Trust depending on your goals.
If you need help creating any estate planning documents—whether it’s something as basic as powers of attorney or as complex as an irrevocable trust—feel free to contact Dent Coulson Elder Law. We’re happy to help.
Contact Us for Assistance
Thank you for watching our Elder Law Minute. If you need help with powers of attorney or any other estate planning needs, please call Dent Coulson Elder Law.
Also looking for information about Medicaid and Asset Preservation? Visit these articles:
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Dent-Coulson Elder Law is dedicated to providing families in the St. Louis area with their Elder Law needs. Our practice areas include Asset Preservation Planning, Veterans Benefits, Medicaid Eligibility, Alzheimer’s Planning, Special Needs Planning, Estate Planning and more. We understand the financial challenges you may face as you and your loved ones grow older. At Dent-Coulson Elder Law, our clients’ well-being is our number one priority. For immediate help, call (618) 632-7000 (IL) or (314) 567-9292 (MO), or Contact Us and we will get in touch as soon as possible.
