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.
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 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.
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.
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