You can also cross out other provisions, as indicated by the instructions. Your agent will have the power to engage in all of these types of transactions unless you cross out (actually draw a line through) the ones you do not want your agent to have.
The form lists several categories of financial transactions. It includes instructions for each section of the form. This form may be found in the Illinois Compiled Statutes, Chapter 755, Article 45, Section 3-3. The best way to understand POAs, and to be sure the power of attorney requirements in Illinois are satisfied, is to use the Illinois Statutory Short Form Power of Attorney for Property created by the Illinois legislature. Does Illinois have a financial power of attorney form? There are limitations as to who may be a witness. Indicate that the principal has acknowledged his or her signature before a notary public (the notary public may not also be the witness)įor both financial and healthcare POAs, agents and witnesses must be at least 18 years of age.Be signed by at least one witness to the principal's signature.Be properly signed (executed) by the principal.Designate the agent and the agent's powers.The basic requirements for a power of attorney in Illinois for financial matters are that it must: The law governing POAs-both financial and medical-is found in the Illinois Compiled Statutes, Chapter 755, Article 45, known as the "Illinois Power of Attorney Act." Under Illinois law, you can have a POA that continues in effect after incapacity (called a "durable" POA) or one that does not go into effect unless the principal becomes incapacitated (called a "springing" POA). Traditionally, a POA ended if the principal became mentally incapacitated, and became effective as soon as it was signed. A "limited" or "special" POA is one that limits the agent's authority in some way, such as limiting it to a single transaction, a certain type of transaction, or to a limited amount of time. What is a power of attorney?Ī POA is a legal document that allows one person (called the "agent") to have the authority to represent another person (called the "principal") in various types of financial and medical matters.Ī financial POA giving the agent broad powers to represent the principal in just about any matter is called a "general" POA. A legal document called a power of attorney (or POA) can assure that your financial and healthcare matters are taken care of in the event you can't be present to sign documents, or if you become incapacitated.