Niles, IL estates & probate attorney Dana Zivkovich talks about the role a power of attorney plays in elder law and asset protection. A power of attorney document must be carefully reviewed to understand the scope of authority it grants and any limitations that may exist. A power of attorney can pertain to financial or property matters, healthcare decisions, or more specific areas of authority.

The agent, sometimes referred to as the attorney-in-fact, is the individual granted the legal responsibility to act on behalf of the principal, who is the person creating the power of attorney. The agent has a fiduciary responsibility to act in the best interest of the principal, ensuring that any actions taken are in alignment with the principal’s well-being and desires.

This responsibility can present risks, especially when working with elderly individuals who may no longer be able to manage their finances or property as effectively. This increased vulnerability gives the agent significant power. While it is crucial to trust the appointed agent, it is also important to recognize that external pressures could lead the agent to act improperly.

Thus, it is essential to establish a plan with checks and balances to protect the elderly individual whenever a power of attorney is put in place.