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The Illinois Durable (Financial) Power of Attorney is initiated by individuals who want to deliver powers to another person for the sake of accomplishing tasks in their name. These tasks specifically correlate with the principal party’s property and finances, such as real estate, taxes, and banking (to name a few). The expression “durable” merely relates to the document’s ability to remain functional even past the point of the primary party’s disability/incapacitation. In order to produce a sufficient document, users will have to furnish the form with the details of each party, determine which powers will be conveyed, and substantiate it by executing the necessary confirmation (initialing, signing, and dating each indicated area of the instrument).

Laws

Statutes – Durable Powers of Attorney (755 ILCS 45/2)

Definition – “Agency” means the written power of attorney or other instrument of agency governing the relationship between the principal and agent or the relationship, itself, as appropriate to the context, and includes agencies dealing with personal or health care as well as property. An agency is subject to this Act to the extent it may be controlled by the principal, excluding agencies and powers for the benefit of the agent (755 ILCS 45/2-3(a)).

Statutory Form – 755 ILCS 45/3

Signing Requirements – Acknowledgment of at least one (1) witness (second witness optional) and a notary public (755 ILCS 45/3-3(f)).