CBA Record January 2019

Y O U N G L A W Y E R S J O U R N A L

timely execute estate planning documents. Facing one’s own mortality and plan- ning for personal disability or death is not an easy or attractive subject. However, the alternative to not addressing the realities of life can cost individuals and families time, money, and unnecessary grief. Unfortunately, many people think of an estate plan as something that is used after death. However, that’s often not the case. A proper estate plan involves more than just a will. A power of attorney for property will identify who can make financial decisions for you, should you become incapacitated. A revocable living trust can designate how your money will be distributed, even while you are still living. Seeing why these two things are so important is as simple as asking these questions: How do I want to spend my time if I become ill? Who will pay my bills if I can no longer do so? Where would I want to live? Would I rather live in a nursing home, or at home with a caregiver? If you don’t have an estate plan, and you are unable to make decisions for yourself, the answer to these questions are in the hands of someone else. A lack of planning in the financial area can have a major impact on how you spend the end of your life. Everyone over age 18 should have powers of attorney in place for their pro- tection. Powers of attorney are powerful documents that allow an individual (the “principal”) to designate an individual or entity (“agent”) to make financial and health care decisions when they are no longer able to make those decisions on their own. Illinois recognizes two types of powers of attorney: financial and medi- cal. Financial powers of attorney usually include the right to open bank accounts, withdraw funds from bank accounts, trade stock, pay bills, and cash checks. They can also include the right to give gifts. Medical powers of attorney allow the agent to make health care decisions when the principal is no longer able to make them. In all of these tasks, the agent is required to act in the best interests of the principal. The power of attorney document explains the specific duties of the agent. A power of attorney is one of the most

CBA YOUNG LAWYERS SECTION

Chair Brandon E. Peck Peck Ritchey LLC

First Vice-Chair Octavio Duran Hart, David, Carson LLP Second Vice-Chair Jeffrey Moskowitz J. Moskowitz Law LLC

Member Service Manager Alexis Crawford Douglas K&L Gates LLP Public Service Manager Tracy A. Brammeier Clifford Law Offices, P.C.

Protecting Your Family By Brandon E. Peck YLS Chair T his past holiday season brought families together, gave everyone a chance to enjoy each other’s company, and the opportunity to see many family members for the first time in months or years. Often, these family gatherings are when individuals observe a cognitive decline in a member of the family. Whether this is the first instance in which a decline is observed, or whether the decline has been observed for many years, the time to take action to protect that family member is now. Changes in an individual’s behavior, mood, spending habits, relationships, or friends may indicate that they need assis- tance. A family gathering not only presents an opportunity to observe these changes, but also provides a good setting for a family to sit down and discuss what they can do to help. Additionally, the end of the year is a great time to take stock of estate planning documents or advanced directives. In the world of probate and estate litigation, individuals often wait too long to create an estate plan or execute an advance direc- tive that could have protected themselves and their family. Expensive and protracted litigation can be a consequence of failing to

Project Officer Katherine Oswald Golan Christie Taglia Project Officer Kate Schnake Hinshaw & Culbertson

Secretary/Treasurer Svetlana Gitman Bruce Farrel Dorn & Associates YLS Journal Co-Editors in Chief Daniel J. Berkowitz Aronberg Goldgehn

Natalie C. Chan Sidley Austin LLP

Assistant Editor Lindsey Purdy Weissberg and Associates Ltd.

YLS Director Jennifer Byrne

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