Illinois Power of Attorney for property short form gives your named attorney-in-fact powers to handle your financial matters inclusive of power to pledge, vend or dispose of any of your real or personal property, even without your approval or notifying you. Powers granted to your agent are purposed to last throughout your life, even if you are incapacitated except if you have specified when to terminate them.
Facts about Illinois Power of Attorney for property
- This PAO does not authorize your agent to appear in court or participate in practices of law on your behalf unless he/she is a registered attorney approved to practice law in the state.
- Read the “NOTE” paragraphs in this POA form carefully since they give directions on what is expected of you in each section.
- You can impose a limitation on and additional powers to your attorney-in-fact in this POA document.
- Specifications on the date that the POA becomes operative and when it terminates can be outlined in this document.
- It is prudent to name a successor agent to replace your agent if he/she resigns, becomes incompetent or dies. However, in this POA, coagent(s) are not allowed.
- Notarization and your signature are necessary to officiate this legal document.
- The clarification of the powers granted to your attorney-in-fact is contained in Section 3-4 of the Illinois Power of Attorney Act, and everything done in the POA template should be in agreement with this act.
How to attain a Statutory Power of Attorney for property in Illinois
- STEP 1: Appoint an agent by inserting his/her name and address in the slot provided on page 3. Doing this will retract any previous statutory power of attorney for property executed by you.
- STEP 2: Leave out the category of power you want to grant to your untouched. Striking out a power will lead to denial of the power.
- STEP 3: Specify the date that the POA shall take effect, and the time of termination.
- STEP 4: Sign the document and date it, and allow your witness also to sign so that the material becomes operational.
- STEP 5: Hand over the form to the public notary for notarization.
- STEP 6: Ensure that your agent signs, and complete the certification by signing opposite his/her signature on the slots provided on page 9.
Revoking a Power of Attorney in Illinois
The Statutory Power of Attorney for property can be revoked if:
- The principal dies
- The expiry date specified on the POA form has reached
- The attorney-in-fact die, resign, is incompetent or unwilling and no successor agent was named
You call it off through the defined legal procedure.