I am an 86 year old living alone with no family. I don't know anyone I can trust to be my power of attorney for financial. I reside at home in Chicago, Illinois.
I always thought when I go to my attorney to make a revocable living trust he would automatically be also the power of attorney for financial.
Yesterday, my doctor told me that's not possible, now I am confused.
My question is won't my attorney who makes up my trust for me, just by virtue of his making out my trust, doesn't POA go with making out a trust?
Isn't my attorney who is my trust maker always an essential part of the trust?
Is he allowed to be my POA financial according to my state laws regarding this matter?
Do I have to ask him to be my power of attorney for financial or is it common knowledge among all lawyers?
The following has some details that might help:
https://www.thebalance.com/what-is-probate-3505244
The only time I had to step in as appointed executor (named in the will as backup and primary passed away before it was "done") was somewhat of a nightmare. Some are easy, some are not.
Remember also, as others have mentioned to OP: POAs are for while you are still living, wills/executors are for after death (trusts and trustees can oversee assets, which can include a home, that have been added to a trust - manage it for the principal before death, distribute as noted in the trust after death.)
I will say it is rather odd to read in that discussion that the court seems to do more than it did when I managed to muddle through everything! It says they look for the people and assets? Nope, I had to track it all down.
I did have to appear, with my atty, the will the 2 death certificates and identify myself, but that was about all I had to do with the court. I think there might have been some additional forms that the atty submitted (they should have already been done, but it was a long story how we ended up there!) But, everything that was stipulated in the will (what was left over anyway) I had to take care of.
This page also says that laws vary among states, so if you have questions, they would be best answered by an atty.
You've set up a trust, so who are the "trustees"? I certainly would advise the POA be someone else other than the trustees (conflict of interest is a concern!), which you indicated you found your Rabbi is willing to step into that role. As others have advised, it would be even better to have a secondary person nominated (with their approval) just in case the Rabbi isn't available. Have the document specify what the POA can/can't do and when it would take effect. The attorney can provide assistance with that.
You should also have a person (or two) nominated as your health care advocate (with their approval.) While it could be through an additional healthcare POA (the primary one is for non-health issues, like managing finances, signing paperwork, etc.), I think you could also use HIPPA forms, but would have to have one for each doctor you go to. This would allow the nominees to make medical decisions for you as well, in the event that you cannot. The downside of using this method is if you need special services of a doctor who doesn't have a form on file, your nominated health care proxy will have no authority.
Also talk to your lawyer about how to handle your concerns and the next phases of your life. He/she can write any legal documents you require to handle your affairs.
For some reason , I always thought that the one who makes out the trust ( my attorney) always is automatically also my POA financial as a part of every trust . Looks like I was wrong about that and it's not necessarily true
So ok , after thinking about it I do have someone in mind to be my POA financial, I guess it's my Rabbi who I consider trustworthy and a friend , I asked him and he said he would do it !
I don't have dementia , I just want to and plan in advance to cover all my bases so to speak so he would be out of the picture while I am healthy both physically and mentally or when I pass away he would only step in in case of dementia or stroke .
Thank You all for taking the time to help me
I appreciate it very much
You probably do not want him to be Health Care POA as decision may need to be made quickly and trying to get hold of a lawyer can be tricky.
Is there a friend with whom you have had discussion with that you could ask to be Health Care POA?
Do you go to a Senior Center? Is there a Social Worker there that you can discuss this with and they may have suggestions for you.
There is a Not for Profit group that might also be able to help with these questions, contact Elderwerks 855-462-0100 or at elderwerks.org Great organization they have all sorts of ways to help out. (they are located in the Chicago area as well)
You do need to ask the lawyer if he is willing to be the financial POA agent. He has no obligation to be the agent.
I would talk to your attorney, he will know more about this than the doctor.
That's probably what I'll have to do, although I haven't raised it with my attorney yet.
It isn't inferred that anyone will play a specific role unless it's specified in the trust. So, no, there's no inference that your attorney would play a role other than as attorney, but that doesn't exclude playing the role if you request it and the attorney is willing.
If he/she isn't, there may be others in the firm who would have the time and interest.
I couldn't speak to state laws or common knowledge, not could anyone here unless he/she is a practicing attorney. The state law question would require extensive research, and "common knowledge" would be impossible to discover given the millions of attorneys.
The best way to find out is to call you attorney and ask her or him.
I hope you get this resolved so it doesn't continue to be an unanswered question.