In Illinois, a power of attorney (POA) form is a legal document that enables an individual (the “principal”) to designate another person (the “agent”) to act on their behalf in various situations. The Illinois Power of Attorney Act, part of the Illinois Compiled Statutes under Chapter 755, governs the state’s creation and interpretation of POA forms.
Some important terms to be familiar with when creating or using a POA form in Illinois include:
It is important to note that a POA form can have significant legal consequences, so it is essential to understand the terms and implications of the document before signing it. Additionally, certain types of POAs may require witnesses or notarization to be valid in Illinois.
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…
Illinois recognizes several types of POAs, including General POA, Durable POA, Limited POA, and Springing POA.
A General POA grants the agent broad authority to act on behalf of the principal in all legal matters.
A Durable POA remains in effect even if the principal becomes incapacitated or unable to make decisions.
A Limited POA grants the agent specific powers to act on behalf of the principal for a particular purpose or duration.
A Springing POA takes effect only when a specific event or condition occurs.
In Illinois, any adult who is of sound mind and capable of understanding the nature and consequences of the POA can create a POA. The principal must sign the POA form in the presence of a notary public or witnesses.
The agent is responsible for acting in the best interests of the principal and following the instructions outlined in the POA document. The agent must keep accurate records of all transactions conducted on behalf of the principal and provide an accounting upon request.
Yes, a principal can revoke a POA at any time as long as they are of sound mind and capable of making decisions. Revocation can be done by executing a new POA, signing a revocation form, or destroying the existing POA document. The revocation must be communicated to the agent and any third parties who may have relied on the POA.
