The Illinois General (Financial) Power of Attorney is formatted as a “non-durable” document, meaning that it no longer is valid once the principal enters an incapacitated state. Apart from this feature, it operates like your typical POA form, allowing users to provide others with the authority to manage financial matters on their behalf. Conveying parties are provided with a list of powers that they can cherry-pick to deliver unto their agent. After indicating which authorities shall be bestowed upon the attorney-in-fact, executors of this instrument should write in the requested information, select the term that best suits their needs, and fulfill each signature field as demanded by law.
Laws
Statutes – Illinois Power of Attorney Act (755 ILCS 45)
Definition – This document is no longer valid once the principal has become incapacitated, refer to the definition below:
- “Incapacitated”, when used to describe a principal, means that the principal is under a legal disability as defined in Section 11a-2 of the Probate Act of 1975. A principal shall also be considered incapacitated if: (i) a physician licensed to practice medicine in all of its branches has examined the principal and has determined that the principal lacks decision-making capacity; (ii) that physician has made a written record of this determination and has signed the written record within 90 days after the examination; and (iii) the written record has been delivered to the agent. The agent may rely conclusively on the written record. (755 ILCS 45/2-3(c-5))
Signing Requirements – Acknowledgment of at least one (1) witness (second witness optional) and a notary public (755 ILCS 45/3-3(f)).
Other Versions
eForms VersionDownload: Adobe PDF, MS Word (.docx)
Related Forms
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Durable (Financial) Power of Attorney
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