Choosing whether or not to have the same person as your power of attorney for property, healthcare, and as the executor of your will is a weighty decision. Estate planning involves careful selection to ensure your affairs are in order should you become incapacitated or when you pass. 

While it is common to choose one trusted person to handle your medical and financial matters, it is important to speak to a Chicago estate planning attorney to discuss the advantages and disadvantages of appointing the same person. 

Defining the Key Players in Your Estate Plan in Chicago

The roles in estate planning are clearly laid out under Illinois’ legal forms and advance directives. 

Power of Attorney for Property

A power of attorney for property (755 ILCS 45/) gives someone the ability to manage your financial and property affairs. These may include authority over:

• Banking transactions
• Real estate
• Tax matters
• Paying bills
• Contributing or withdrawing from retirement plans
• Buying or selling stocks
• Oversee a business
• Retaining legal counsel 

A power of attorney (POA) is a flexible document. There are various types of powers of attorney in Illinois. For instance, you can choose to have it go into effect immediately, or it can become effective at a specific time. 

For example, you can set up your POA to become effective if you become unable to make decisions for yourself with a “springing” durable power of attorney. In addition, you can add provisions that work with a power of attorney for healthcare, a revocable trust, or estate planning documents. 

Healthcare Power of Attorney

A healthcare power of attorney will allow someone to make medical decisions on your behalf if you become ill or injured and are unable to communicate your wishes. The person you select will have the ability to do the following:  

• Making end-of-life care decisions
• Managing medications, therapies, and other treatments
• Choosing the healthcare facility, doctors, or therapists
• Approving or declining medical treatments

In the absence of a healthcare power of attorney, doctors and other medical professionals will turn to family, like your spouse, adult children, or parent. The specific order is laid out under the Illinois Health Care Surrogate Act.

Executor

The executor of your estate is someone who will manage your assets and debts after death. Their duties typically entail: 

• Protecting the interests of the estate
• Filing the will
• Notifying beneficiaries, heirs, banks, and relevant government agencies
• Creating an inventory of assets
• Negotiating and paying debts
• Keeping proper records
• Handling any legal matters, including any challenges to the will
• Oversee distribution of assets
• Close the estate

Your executor will need to handle a wide array of administrative and legal responsibilities, requiring careful attention to detail. 

Powers of attorney, whether of property or medical, function during your life. The executor generally steps in after. Depending on your unique situation, appointing the same individual can work well, while other situations may benefit more by dividing up the duties between people. 

Should My Power of Attorney and Executor be the Same Person?

There are lots of advantages to appointing the same person for your POA of property, healthcare POA, and executor of your estate. Many people choose to appoint one person to serve in all three capacities for simplicity. This is especially true when it comes to a spouse or an adult child. 

The most common benefit is consistency. One person who is the most familiar with your wishes, financial situation, medical preferences, and your family. Trust is crucial. For one individual to fulfill all roles, they must have your complete confidence.  

In addition, selecting one person allows for efficiency. Depending on family dynamics, if you are left incapacitated or unexpectedly pass, having a designated person in charge of all matters can help avoid unnecessary conflicts. 

Communication is also streamlined when appointing one individual. Communicating your ultimate wishes is easier with one person. Moreover, any concerns or questions from family members, healthcare providers, lawyers, or other relevant parties can be directed to one person, avoiding confusion. 

What Are the Potential Drawbacks to Appointing One Person?

The roles of power of attorney for property, healthcare POA, and executor may require differing sets of skills. For example, property and financial needs require a person to be diligent and organized. They may need investment knowledge, rental or real estate know-how, or business familiarity. For healthcare, a person will need to be able to handle the emotional toll of weighty medical decisions and understand the options presented by doctors. 

To manage an estate after death, an individual will need to be familiar with the legal process, tax filings, and how to handle any legal implications, like challenges to the will. In addition, the executor may need to have the skills to negotiate with creditors to protect the best interests of the estate and ensure beneficiaries receive what they are meant to have. 

All the Burden Falls to One Individual

Due to this, the burden can be overwhelming on one individual. Managing property, finances, medical decisions, then an estate while grieving is significantly stressful. Dividing up the burden between people could lessen the stress and prevent common errors.

Geographic Location

Location also plays a significant role when appointing a person. When it comes to managing property and financial decisions, appointing a trusted individual out of state is still effective due to technology. However, medical decisions usually need someone who can have quick access to the hospital or the ability to stay for long, unpredictable hours. 

While Illinois requirements (755 ILCS 5/6-13) do allow your executor to live out of state, the court may require them to appoint a resident agent to handle local filings. It may make the process smoother to select different individuals if some people live out of state. 

Age and Availability May Limit the Capacity to Fulfill all Three Roles

Age and availability are key considerations. For example, if you appoint your spouse for all three roles, but they have health issues of their own, it may limit their ability to handle all the responsibilities and duties of power of attorney and executor. 

In addition, if you have an older child in university, they may have limited time to be able to manage property, finances, healthcare, and the estate after death. Speaking to an experienced estate planning lawyer in Chicago can help you make the best decision for your unique needs.  

Factors to Consider When Choosing Your Personal Representative 

There are many considerations for choosing your executor and personal representative. Some key factors include:

• Trust to follow your wishes faithfully
• Health and age
• Willingness to take on the responsibility
• Location and proximity
• Specific knowledge and skills related to the different roles
• Family dynamics to avoid conflict

No Illinois statute requires the same person to fulfill all roles. Take the time to weigh the pros and cons of selecting one person for managing both property and healthcare during life and managing your estate after death.  

Making the Right Choice for Your Illinois Estate Plan with Plan Forward Legal

For guidance deciding who to appoint for your power of attorney for property, healthcare, and executor, contact Plan Forward Legal today. We can explore your choices and create a plan that protects your best interests and those of your loved ones. To schedule a confidential consultation and plan together, call (312) 532-0494 or fill out our online form.