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…
- What are the different types of Power of Attorney in Illinois?
- Who can make a Power of Attorney in Illinois?
- What are the responsibilities of an agent under a Power of Attorney in Illinois?
- Can a Power of Attorney be revoked in Illinois?
What are the different types of Power of Attorney in Illinois?
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.
Who can make a Power of Attorney in Illinois?
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.
What are the responsibilities of an agent under a Power of Attorney in Illinois?
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.
Can a Power of Attorney be revoked in Illinois?
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.