Page 31 - February 2017

Who will step in for you when you can’t?
Admit it, what would you rather not think about? Death, illness or incapacitation is at the top of the list. Considering life’s uncertainty you will be grateful you planned ahead in the event you are suddenly incapacitated.
There are two Power of Attorney documents every person needs, no matter your age or health: one for health care and one for financial transactions. In 2016, Illinois approved new documents for both
support.
Finally, current Health Care Power of Attorney docu-
ments contain detailed instructions for your agent and suggested topics to discuss with your agent, such as: if you wish to be in a hospital or your home in your final days, what disability and suffering means to you and your
TOM TUOHY
purposes.
Health Care Power of Attorney
FOP
funeral service and burial plans.
Financial Power of Attorney
A Financial Power of Attorney is a document that
allows you to appoint an agent to sign your name for financial transactions in the event of your in- ability to do so. The general rule is that no one can
A Health Care Power of Attorney is a document
that appoints an agent to make health care and ad- vanced directive decisions on your behalf when you are unable to do so. If you have had elective surgery, you signed one these documents, even though you most likely did not understand it or were in no frame of mind to sign it. Because there is a better time to make life and death decisions and because you might not be conscious when provided health care, it is critical to have a reviewed, signed and updated Health Care Power of Attorney docu- ment in a safe place and ready when needed.
Your agent will have broad powers to act for you, in- cluding the following:
• Deciding what medical treatment is given to you
• Admitting and/or discharging you to a hospital,
home or other facility
• Making end-of-life decisions including the dis-
connection of life support
• Authorizing an autopsy or donation of your body to
medical research and/or organ donations
• Carrying out your final plans and wishes Additionally, you can choose under what circum-
stances life support is disconnected. Most of us want our agent to consider our ability to think, communicate, walk and have quality of life if we are being kept alive artificial- ly. We can and certainly should make that clear in a legal document.
It is very important to understand the difference be- tween this document and a Living Will, which contains instructions for what treatment is given or withdrawn in the event of a terminal illness and often contains a Do Not Resuscitate (DNR). Be very careful about executing this document if you are not a very advanced age or suf- fering from a terminal illness. I would assume you would want CPR or other lifesaving treatment if you are other- wise healthy. With a DNR, you won’t get it.
You can also name successor agents, but can only name one person to act at a time on your behalf so there is no dispute about your care and disconnection of life
sign your name for you. That is why probate exists — and it is something you should avoid. Upon your death, a judge in probate court appoints an executor to sign your name and distribute your property, and the pro- cess can take years and be very costly. During your life- time, a legal guardianship is necessary for all transactions
in your name, if you are incapacitated.
To avoid probate at your death, make certain you have
a Living Trust estate plan. To avoid “living probate,” or guardianship, be certain to have a current, updated, signed and witnessed Financial Power of Attorney docu- ment.
Your agent will have broad powers, including the ability to:
• Buy or sell real estate or other property
• Control bank accounts
• Pay bills
• Contribute to or withdraw from a retirement plan • Deal with any type of insurance or annuity policy • Handle tax issues
• Buy and sell stocks
• Control safe deposit boxes
• Hire a lawyer to file or defend lawsuits
• Borrow money and mortgage property
• Handle an estate
• Manage Social Security, unemployment and mili-
tary benefits
Both Financial and Health Care Power of Attorney doc-
uments are included free in a Living Trust estate plan which is provided under your FOP Benefits Plan by my office for 50 percent reduced fees. In January we are pro- viding an additional $200 reduction in fees. Call for de- tails and to lock it in. d
Tom Tuohy is the founder of Tuohy Law Offices and the FOP Benefits Plan. He has been a police lawyer for 33 years. His father was a CPD detective and his grandfa- ther was CPD Chief of Major Investigations. Tom can be reached at 312-559-8400.
Benefits Plan
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