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All Types of POA Advance Directive Durable POA Medical POA General POA Limited POA Revocation of POA Motor Vehicle POA Springing POA Real Estate POA Minor POA State Tax Filing POA
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General POA
Illinois General (Financial) Power of Attorney

Illinois General (Financial) Power of Attorney

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An Illinois general power of attorney enables a person to assign personal financial authority to another individual, allowing them to make decisions on the person's behalf. This arrangement is commonly established when someone requires someone else to manage their financial affairs during their absence. The power of attorney stays in effect until it is revoked or the principal becomes incapacitated.

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Signing Requirements

One witness and a notary public.

Laws

Durable - A power of attorney remains effective until the Principal's death unless it states an earlier termination date.<a class="source-url" href="#source-url1">[1]</a>

Incapacity - Means any person who has been deemed incapacitated by a physician or any person who is incapable of making decisions on their own behalf due to mental disability, physical illness or disability, chronic use of drugs, chronic intoxication, or fetal alcohol syndrome.<a class="source-url" href="#source-url2">[2]</a>

Signing Requirements - Signatures of the Principal and one Witness must be notarized.<a class="source-url" href="#source-url4">[4]</a>

Sources

  1. 755 ILCS 45/2-5
  2. 755 ILCS 45/2-3(c5)
  3. 755 ILCS 5/11a-2
  4. 755 ILCS 45/3-3(f)
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Notice

The information and templates provided on this website are for general informational purposes only and are not a substitute for professional legal advice. While we strive to offer accurate and up-to-date forms, the legal landscape is complex and varies by jurisdiction. We strongly recommend that you consult with a qualified attorney for specific legal issues or questions. Using our templates does not create an attorney-client relationship, and we are not responsible for any actions taken based on the information provided here.

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The Significance of POA

Learn About the Importance of a POA
Learn About the Importance of a POA

The importance of a Power of Attorney (POA) cannot be overstated. It provides a crucial mechanism for individuals to ensure their wishes are respected, especially in times of incapacity or emergency.

By designating an agent, the principal can ensure that someone they trust will make decisions regarding their finances, healthcare, and legal matters. This can help prevent disputes among family members and ensure timely decision-making when needed. Additionally, having a POA in place can protect an individual’s interests, allowing for smooth management of affairs without the need for court intervention. Overall, a POA is a vital tool for planning and safeguarding one's future.