Power of Attorney and You: Navigating Transactions

Mainstreet HQ, Downers Grove – Monday morning's webinar aimed to unpack a difficult topic: transactions with deceased sellers and what role the power of attorney plays. Keynote speaker and attorney Jill Daniels, owner of Jill Daniels LLC provided viewers with her legal expertise during this Mainstreet exclusive online event.

Power of Attorney (POA) is a sensitive subject. However, for specific purposes detailed in this webinar, it is crucial to understand the importance of “giving your attorney the power to act on your behalf during a financial transaction.”

Jill Daniels outlined a step-by-step guide for navigating transaction types with a need for power of attorney.

Three key takeaways for this webinar were recapped by Senior Services Committee Vice Chair Marvin Bornschlegl. Firstly, power of attorney, “deals with the living,” as quoted by Jill Daniels. Distinguishing when and who employs power of attorney was important so attendees were crystal clear about POA transactional authority.

Secondly, a will is for protecting the items belonging to someone whereas a trust, “protects those with title.” Yet another important distinction in this conversation was between trust and will; these are separate documents with independent functions.

Lastly, a land ownership trust will protect someone’s identity. Anonymity in a land trust serves as an additional layer of identity protection.

‘The Estate Matters: Navigating Transactions with Deceased Sellers or POA Needs’ webinar was peppered with live Q&A from attendees. One of the perks attendees enjoyed during this event was being able to ask questions directly to the subject matter expert. Jill Daniels dissected specific scenarios brought up by attendees to provide them with expert guidance, and they left feeling empowered with information.

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