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The power of attorney form is a document that officially grants an individual power over another’s finances, health care, business, and other affairs should they become unable to do so on their own. A power of attorney generally deals with the grantor allowing their agent to make financial decisions, financial gifts, grant guardianship, or make healthcare decisions on their behalf, and can also extend to parental responsibilities, and business affairs.
The person granting permission: the principal, donor, or grantor
The person receiving authorization: the agent, or attorney-in-fact
An Idaho power of attorney is a form that adheres to Illinois’ Power of Attorney Act.
There are many reasons why an individual would use an Illinois power of attorney. Sometimes a person who is elderly, mentally ill, or of failing health may need someone to handle their affairs. Elderly individuals who may suffer from Alzheimer's or dementia and may no longer be able to handle affairs such as paying bills, or buying or selling property.
A power of attorney form is not only for the sick, or elderly. Power of attorney forms are recommended for the perfectly healthy as well. There are multiple reasons why one would want their agent to handle their affairs, and one of those is business. If the grantor owns a business, then it is important that the agent have the power to run, and execute important tasks that involve the company, such as paying employees or vendors. However, as with all power of attorney forms, it is imperative that you clearly state which powers your agent does and does not have. If you do not want your agent to have the power to fire or hire employees, then you must clearly state this in your document.
No one knows what will happen tomorrow, and it is always best to be well prepared in the event of an accident. No matter the situation, one individual’s power of attorney needs will vary from the next. Accordingly, there are many types of power of attorney. Here are some of the most commonly used in Illinois:
General Power of Attorney
A general power of attorney grants a single individual to handle financial matters on behalf of the grantor. The attorney-in-fact is given responsibility, and the legal right to handle affairs on the grantors behalf. However this authorization would become null and void should the principal become incapacitated or were to pass away.
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. The term "durable" comes from the fact that this authorization continues over the grantor’s finances if he or she were to become disabled or incapacitated.
Health Care Power of Attorney
A health care power of attorney grants power to the agent to make medical or health decisions on the grantor’s behalf. This is commonly used by individuals who are terminally ill, elderly, or for those who may work a high-risk job such as a commercial fisherman or a logger.
Limited Power of Attorney
A limited power of attorney has limited power to whatever the grantor specifies. In many cases, an agent will have power to handle finances, or make medical decisions, but will not have authority to do other things such as sell property (depending on what the grantor decides). Just like a general power of attorney, the authority diminishes if the grantor dies.
Minor Child Power of Attorney
This type of power of attorney allows a parent to grant decision-making rights over their minor child to a temporary guardian in the case that the parent may not be present during a medical emergency. This form is generally used if the parent must leave the country for a period of time.
Revocation of Power of Attorney
The form ends the current power of attorney form in place and effectively ends the grantor-agent relationship.
Vehicle Power of Attorney
This type of power of attorney grants the agent power of attorney to handle all documents relating to the title and registration of the of the grantors vehicle.
Tax Power of Attorney
This power of attorney, initiated by Form IL-2848 allows a capable individual, generally an accountant, to handle all tax preparation and submission needs on the grantors behalf.