Financial Power Of Attorney Illinois

The illinois limited power of attorney form provides a resident with the opportunity to transfer limited financial powers to another individual referred to as an attorney in fact or agent.

Financial power of attorney illinois.

A financial power of attorney is a document allowing someone the attorney in fact or agent to act on the principal s behalf. The principal can decide to have this agent act for him or her with authority for a few days indefinitely or until an event occurs. Illinois statutory short form power of attorney for property the state of illinois recognizes the right of adults to appoint an agent to make property decisions for them. Illinois durable financial power of attorney form allows an individual principal to delegate another person i e.

The power gives your agent control over any assets held in your name alone. The basic requirements for a power of attorney in illinois for financial matters are that it must. We call this person your agent. You can create a poa by following the steps outlined below.

Creating a power of attorney in illinois grants decision making authority to someone you trust. It is governed by the illinois power of attorney act. Designate the agent and the agent s powers be properly signed executed by the principal be signed by at least one witness to the principal s signature. The purpose of this power of attorney is to give your designated agent broad powers to handle your financial affairs which may include the power to pledge sell or dispose of any of your real or personal property even without your consent or any advance notice to you.

This form can be used to designate agents to act on an individual s behalf if the individual becomes unable to do so. If there is anything about this form that you do not understand you should ask a lawyer to explain it to you. Trusted relative a friend of the family a professional to act as his or her attorney in fact with financial matters for a predetermined span of time. The selected representative will be able to act on behalf of the resident for the completion of a singular agreed upon act.

It normally allows the attorney in fact to pay the principal s. In a power of attorney you name someone as your attorney in fact or agent to make financial decisions for you. When you create this document understand why you re doing so.