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An Illinois power of attorney is a legal document that acts as the authorization for an individual, referred to as the agent or attorney-in-fact, to make financial decisions, healthcare decisions, real estate decisions, or estate decisions on behalf of the person granting the authority. An Illinois POA is most often used for estate planning. However, there are many other instances where a POA is a useful tool.
Quick Reference:
The person granting permission is referred to as the principal, donor, or grantor.
The person receiving authorization is known as the agent or the attorney-in-fact.
An Illinois power of attorney is a form that adheres to Illinois Power of Attorney Act. The purpose of the Illinois Power of Attorney Act is to provide specific components that must be followed to create a statutory short form POA. Under ILCS, a power of attorney document must:
The Illinois Guardianship & Advocacy Commission provides a statutory short form for a power of attorney for health care and an Illinois statutory short form power of attorney for property.
The principal may revoke (terminate) a power of attorney as long as the principal is competent. Additionally, an Illinois power of attorney is revoked when:
There are many reasons why someone would elect to use an Illinois power of attorney form to provide another person with the authority to make decisions related to their tangible personal property, financial institution transactions, tax matters, or their well-being. Some of those reasons include:
Each person’s need for power of attorney can vary. There are several different power of attorney options available. Before you settle on one to use, you should get legal advice. This will help you determine which is best for your needs and give you the opportunity to learn how to revoke the POA should it become necessary for you to do so.
Here are the most commonly used Illinois power of attorney documents.
General Power of Attorney
A general power of attorney grants broad power, including financial power, to the agent.
Durable Power of Attorney
A durable power of attorney is an "extended version" of a general power of attorney because it goes beyond the parameters of a general power of attorney.
Healthcare Power of Attorney
A healthcare power of attorney grants the agent authority to make medical decisions on behalf of the principal. This document may also be known as a medical power of attorney.
Limited Power of Attorney
A limited power of attorney has limited power to whatever the principal specifies.
Minor Child Power of Attorney
A minor child power of attorney allows a parent or guardian to grant decision-making rights over their minor child to a temporary guardian in the instance that the parent or guardian may not be present during a medical emergency.
Vehicle Power of Attorney
A vehicle power of attorney grants the agent power of attorney to handle all documents relating to the title and registration of the principal's vehicle.
Tax Power of Attorney
A tax power of attorney, officially known as Form IL-2848 allows a capable individual, generally an accountant, to handle all tax preparation and submission needs on the principal's behalf to the Illinois Department of Revenue.
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