It doesn’t harm to make some worthy decisions early in your life, but it will harm if these decisions are made late. One such decision is considering making your own power of attorney beforehand. A power of attorney made with great planning and precision can never go wrong.
It is good to start early, which is why we are here to provide the basic details related to Illinois power of attorney.
Following are some of the main components of Idaho power of attorney form template:
-
- A detailed description about both parties
- Roles and responsibilities of the person who represent your interests
- Applicable rules in daily transactions.
What Is An Illinois Power Of Attorney?
In Illinois, the Power of Attorney Act dates back to 1987. A power of attorney is a legal agreement that binds two parties together, namely an agent and principal. An agent is a person authorized to manage the property, financial, and healthcare decisions of the principal on his/her behalf.
The need to have a power of attorney form Illinois arises when the principal is unable to make sound decisions himself/herself.
How Does The Illinois Power of Attorney Work?
The Illinois Power of Attorney works in accordance with the Illinois Power of Attorney Act, 1987 and is stated in Chapter 755, Article 45 of the same Act.
The Act describes in detail the Illinois power of attorney for property Act, power of attorney for the healthcare law, and other such laws that legalize Illinois power of attorney.
Types of Illinois Power of Attorney
There are a variety of powers of attorney in Illinois. It depends on the principal what powers he/she wants to assign to the agent. The principal can even choose one in accordance with his/her needs.
Generally, there are four types of power of attorney, namely general, durable, springing, and special power of attorney.
- A general power of attorney grants the agent the authority to perform on broad powers that could be anything.
- A durable power of attorney Illinois allows the agent to be in power even after the incapacity of the Principal.
- A springing power of attorney arises and comes into effect only when the principal becomes incapacitated.
- A special power of attorney allows an agent to authorize powers only on a special matter/ event or on a single transaction. The effectiveness of this power of attorney ends when such a purpose is solved.
Power of Attorney Transfer Made Simple With Our Template!
Download our power of attorney form Illinois template now and customize it as you want. We are always happy to help you!
Click Below and Get Your Free Template
Power of Attorney You Can Enact In Illinois
In Illinois Power of Attorney law, you can have:
Power Of Attorney For Property
A power of attorney for property covers all aspects of the financial Power of Attorney in Illinois, like transactions of real estate, financial institutions, stock and bond, tax matters, claims and litigations, borrowing transactions, business operations, commodity transactions, retirement plan transactions, etc.
Section 3 and 4 of the Illinois Power of Attorney property act provides a detailed explanation on this.
Power Of Attorney For Healthcare
This allows the healthcare agent to make healthcare decisions on behalf of the principal along with deciding on accepting or withdrawing medical treatment, agreeing or disagreeing with discharge from hospital, access to medical records, and making decisions on the body remains whatsoever the case may be.
Why Is the Illinois Power of Attorney Important?
Like in every other state, Illinois power of attorney is important for specific reasons. Having a power of attorney is a tough decision to make yet worthy in specific circumstances.
Any person you think fit can act as an agent of yours, which could be your relatives, trusted friends, or acquaintances. However, an agent who is not an attorney doesn’t have the power to act as a client of law.
An Illinois power of attorney can save your loved ones from taking tough decisions in life for you. Yet you can have everything mentioned in your Power of Attorney in advance. This will not only make it easier for your family but allow your agent to act on your behalf too.
Moreover, if you have a power of attorney on your name, you no longer have to appoint a guardian or conservator, which may involve attending court proceedings as well.
Additionally, it becomes easier to perform estate planning and having a living will if you have a Power of Attorney. A single power of attorney itself fulfills all of these requirements.
Power of Attorney Transfer Made Simple With Our Template!
Download our power of attorney form Illinois template now and customize it as you want. We are always happy to help you!
Click Below and Get Your Free Template
Illinois Power of Attorney Requirements
There are some basic requirements for Illinois Power of Attorney that include:
- A designated agent and clear written description of the agent’s powers
- A power of attorney form signed by principal before notary public and witnesses
- The POA document or form should be witnessed and signed by someone above 18 years old
- It should also be notarized by the notary public who can also act as one of the witnesses.
There is a limitation in the Illinois law o. According to the limitation of the Healthcare Power of Attorney in Illinois, the attending physician or a healthcare provider cannot act as an agent of the principal. Still, a healthcare provider who is not taking care or treating the principal can act as an agent, provided he/she should be licensed, certified, and should be a professional physician or healthcare provider.
Illinois power of attorney law requires one to have a proper power of attorney form. CocoSign provides numerous templates for power of attorney forms in Illinois. These can be printed, customized, and used digitally as per your preference. Download one for your needs now.
DOCUMENT PREVIEW
ILLINOIS GENERAL POWER OF ATTORNEY
OF
___________________________________
I, __________________________, the principal, of ____________________________ [street address], State of ____________, hereby designate_______________________ [attorney-in-fact’s name], of ____________________________ [street address], State of _______________, my attorney-in-fact (hereinafter my “attorney-in-fact”), to act as set forth below, in my name, in my stead and for my benefit, hereby revoking any and all powers of attorney I may have executed in the past.
I. POWERS
I confer upon my attorney-in-fact the power to act on my behalf and in my stead, as if I were present, and to exercise or perform the acts or powers I have designated with my initials as set forth below.
My attorney-in-fact, shall NOT have the power to act on my behalf if I have not so designated with my initials
___ 1. Power to Make Payments or Collect Monies Owed. My attorney-in-fact has the power to make any payments on any accounts I may owe and to hold, collect and request any sums that may be due, owing or payable to me or in which I may hereinafter acquire an interest, in whatever form, whether liquidated or un-liquidated, to have, use, and take all lawful means in my name for the collection and recovery thereof, and to adjust, sell, compromise, and agree for the same and to execute and deliver for me, on my behalf, and in my name, all endorsements, releases, receipts, or other sufficient discharges for the same;
___ 2. Power to Acquire, Lease and Sell Personal Property. To acquire, purchase, exchange, lease, grant options to sell, and sell and convey personal property, or any interests therein, on such terms and conditions, including credit arrangements, as my attorney-in-fact shall deem proper; to execute, acknowledge and deliver, under seal or otherwise, any and all assignments, transfers, titles, papers, documents or instruments which my attorney-in-fact shall deem necessary in connection therewith; to purchase, sell or otherwise dispose of, assign, transfer and convey shares of stock, bonds, securities and other personal property now or hereafter belonging to me, whether standing in my name or otherwise, and wherever situated;
___ 3. Power to Acquire, Lease and Sell Real Property. To acquire, purchase, exchange, lease, grant options to sell, and sell and convey real property, or any interests therein, on such terms and conditions, including credit arrangements, as my attorney-in-fact shall deem proper; to execute, acknowledge and deliver, under seal or otherwise, any and all assignments, transfers, deeds, papers, documents or instruments which my attorney-in-fact shall deem necessary in connection therewith;
___ 4. Management Powers
. To maintain, repair, improve, invest, manage, insure, rent, lease, encumber, and in any manner deal with any real or personal property, tangible or intangible, or any interests therein, that I now own or may hereafter acquire, in my name and for my benefit, upon such terms and conditions as my attorney-in-fact shall deem proper;
___ 5. Banking Powers. To open and close accounts, make, receive, and endorse checks and drafts, deposit and withdraw funds, acquire and redeem certificates of deposit, in banks, savings and loan associations, and other institutions, execute or release such deeds of trust or other security agreements as may be necessary or proper in the exercise of the rights and powers herein granted;
___ 6. Motor Vehicles. To apply for a Certificate of Title upon, and endorse and transfer title thereto, for any automobile, truck, pickup truck, van, motorcycle, or other motor vehicle, and to represent in such transfer or assignment that the title to said motor vehicle is free and clear of all liens and encumbrances except those specifically set forth in such transfer or assignment;
___ 7. Tax Powers. To act without limitation on my behalf with regard to federal income taxes (Forms 1040, 1040EZ, 1040X, etc.), state and local income taxes, estate, gift (Form 709) and other tax returns of all sorts, whether federal or state and local, including where appropriate joint returns, FICA returns, payroll tax returns, claims for refunds, requests for extensions of time to file returns or pay taxes, extensions and waivers of applicable periods of limitation, protests and petitions to administrative agencies or courts, including the tax court, regarding tax matters, and any and all other tax related documents, including but not limited to consents and agreements under Section 2032A of the Internal Revenue Code or any successor section thereto and consents to split gifts and closing agreements, for all tax periods from 1980 through 2050, and for all jurisdictions; to complete Internal Revenue Service Form 2848, Power of Attorney and Declaration of Representative (or other prescribed form) on my behalf as well as to perform all other functions contemplated by that form whether they are required or merely permissible; to consent to any gift and to utilize any gift-splitting provisions or other tax election; and to prepare, sign, and file any claims for refund of any tax; to post bonds, receive confidential information and contest deficiencies determined by the Internal Revenue Service or any state or local taxing authority; to exercise any and all elections that I may have under federal, state or local tax laws including without limitation the allocation of any generation-skipping tax exemption to which I may be entitled; to the extent that I may have omitted some power or discretion, some tax period, some form or some jurisdiction, I hereby grant to my attorney-in-fact the power to amend the Internal Revenue Service form power of attorney (presently Form 2848 or Form 2848-D) in my name;
___ 8. Safe-Deposit Boxes. To have access at any time or times to any safe-deposit box rented by me or to which I may have access, where so ever located, including drilling, if necessary, and to remove all or any part of the contents thereof, and to surrender or relinquish said safe-deposit box; and any institution in which any such safe-deposit box may be located shall not incur any liability to me or my estate as a result of permitting my attorney-in-fact to exercise this power;
___ 9. Gift Making Powers. To make gifts, grants, or other transfers (including the forgiveness of indebtedness and the completion of any charitable pledges I may have made) without consideration, either outright or in trust to such person(s) (including my attorney-in-fact hereunder) or organizations as my attorney-in-fact shall select, including, without limitation, the following actions: (a) transfer by gift in advancement of a bequest or devise to beneficiaries under my will or in the absence of a will to my spouse and descendants in whatever degree; and (b) release of any life interest, or waiver, renunciation, disclaimer, or declination of any gift to me by will, deed, or trust;
___ 10. Lending and Borrowing
. To make loans in my name; to borrow money in my name, individually or jointly with others; to give promissory notes or other obligations therefor; and to deposit or mortgage as collateral or for security for the payment thereof any or all of my securities, real estate, personal property, or other property of whatever nature and wherever situated, held by me personally or in trust for my benefit;
___ 11. Contracts. To enter into contracts of whatever nature or kind in my name;
___ 12. Health Care. To take any and all steps necessary to arrange for my admission to any type of health care facility, including, without limitation, a hospital, rehabilitation facility, skilled nursing facility, or hospice, and to authorize the release of my medical records in the discretion of my attorney-in-fact;
___ 13. HIPAA. To have the power and authority as my personal representative for all purposes of the Health Insurance Portability and Accountability Act of 1996 (Pub. L. No. 104-191);
___14. Power to Hire and Pay for Services. To retain such accountants, attorneys, social workers, consultants, clerks, employees, workers, or other persons as my agent shall deem appropriate in connection with the management of my property and affairs and to make payments from my assets for the fees of such persons so employed;
___ 15. Reimbursement of Attorney-in-Fact. To reimburse my attorney-in-fact for any reasonable expenses incurred in connection with such services; and
___ 16. Power to Sue Third Parties Who Fail to Act Pursuant to Power of Attorney. If any third party (including stock transfer agents, title insurance companies, banks, credit unions, and savings and loan associations) with whom my attorney-in-fact seeks to transact refuses to recognize my attorney-in-fact’s authority to act on my behalf pursuant to this Power of Attorney, I authorize my attorney-in-fact to sue and recover from such third party all resulting damages, costs, expenses, and attorney’s fees incurred because of such failure to act. The costs, expenses, and attorney’s fees incurred in bringing such action shall be charged against my general assets, to the extent that they are not recovered from said third party.
___17. Other – Power to conduct the following ________________________________
______________________________________________________________________
______________________________________________________________________
______________________________________________________________________
______________________________________________________________________
II. INTERPRETATION AND GOVERNING LAW
This instrument is to be construed and interpreted as a general non-durable power of attorney. The enumeration of specific powers herein is not intended to, nor does it, limit or restrict the general powers herein granted to my attorney-in-fact. For a third party to construe otherwise would be contrary to my intent. This instrument is executed and delivered in the State of Illinois and the laws of such state shall govern all questions as to the validity of this power and the construction of its provisions. Nevertheless, I intend that this instrument be given full force and effect in any state or country in which I may find myself or in which I may own property, whether real or personal. I direct that my attorney-in-fact not be required to give bond and, if any bond is required, that no sureties be required. I direct that photocopies of this instrument shall have the same power and effect as the original.
III. EFFECTIVE DATE AND TERMINATION
To indicate when this document shall become effective, initial one of the following:
____ - Upon the date of this document with my authorization.
____ - The following date _____________________, 20_____.
To indicate when this document shall become terminated, initial all of the following that apply (termination is effective at which of the following occurs first):
____ - On the following date _____________________, 20_____.
____ - When I have made a written revocation.
____ - When and if I become incapacitated and unable to make decisions as determined by a physician.
IV. THIRD PARTY RELIANCE
Any party dealing with my attorney-in-fact hereunder may rely absolutely on the authority granted herein and need not look to the application of any proceeds nor the authority of my attorney-in-fact as to any action taken hereunder. In this regard, no person who may in good faith act in reliance upon the representations of my attorney-in-fact or the authority granted hereunder shall incur any liability to me or my estate as a result of such act. I hereby ratify and confirm whatever my attorney-in-fact shall lawfully do under this instrument. Any gift of property made by my attorney-in-fact in the proper exercise of the gift-making powers specifically granted in section I (9) herein shall be a full and complete delivery of title upon which third-party purchasers for value may rely. My attorney-in-fact is authorized as he or she deems necessary to bring an action in court so that this instrument shall be given the full power and effect that I intend on by executing it.
IN WITNESS WHEREOF, I have on this ___ day of _______________, 20___, executed this General Non-Durable Power of Attorney.
Principal’s Signature
__________________________
Principal’s Printed Name
__________________________
ACCEPTANCE OF APPOINTMENT
I, ________________________, the attorney-in-fact named above, hereby accept appointment as attorney-in-fact in accordance with the foregoing instrument.
Attorney-in-Fact’s Signature
__________________________
Attorney-in-Fact’s Printed Name
__________________________
WITNESS
I, the witness, hereby declare in the presence of the principal that the principal signed and executed this instrument as his Power of Attorney in the presence of me, that the principal signed it willingly, that I hereby sign this Power of Attorney as witness at the request of the principal and in his presence, and that, to the best of my knowledge, the principal is eighteen years of age or over, of sound mind, and under no constraint or undue influence.
____________________ ____________________
Witness Address
____________________
Signature
ACKNOWLEDGMENT OF NOTARY PUBLIC
STATE OF ILLINOIS
_____________ County, ss.
On this ____ day of _______________________, 20___, before me appeared ____________________, as Principal of this Power of Attorney who proved to me through government issued photo identification to be the above-named person, in my presence executed foregoing instrument and acknowledged that he executed the same as his free act and deed.