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Power of Attorney v. Living Trust -- Ask A Lawyer

Question: How can I determine whether I should get a power of attorney or a living trust?Answer: Living trusts and durable powers of attorney for property have some similarities but also have unique characteristics. Factors to take into account include the size of your estate, the form in which you wish to hold your assets, your age and state of health and whether you want the instrument to be effective immediately or sometime in the future. For most individuals, a durable power of attorney for health may be desirable in any event. A lawyer can give you information on the best way to make these kinds of choices.   For more information about Illinois law, visit www.illinoislawyerfinder.comIf you have a legal question, send it to illinoislawcolumn@isba.org.Illinois Law Now is a series of newspaper and internet posts prepared by the Illinois State Bar Association that address legal issues of interest to the public. For additional information about the law, visit http://www.illinoislawyerfinder.com/legal-faqs

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