Illinois Durable Power of Attorney (Financial)

Last Updated: 6/11/2015

Document Description

The only way to plan for unforeseen circumstances is to prepare for them before they happen. If, for example, you faced an unexpected extended absence or an incapacitating illness or injury, who would manage your affairs? Having a document in place to deal with these situations will not only give you peace of mind now, it will also make those situations easier for you and your loved ones to bear down the road.

A financial power of attorney allows you, the principal, to give powers in as many areas as you choose. The person to whom you give those powers is known as the agent or attorney-in-fact. You can decide if you would like the agent to assume responsibility immediately and continuing despite any future incapacitation of yours (which would make it durable) or at a time specified by you. The document does not take away your authority. You will still be able to manage your finances as long as you like or are capable.

The Illinois Financial Power of Attorney names several duties you may choose to have your agent assume, including but not limited to managing bank accounts, selling property, making financial gifts, and applying for government benefits. The document allows you to name a successor agent if your first choice is unable to serve, it spells out the agent’s rights and responsibilities. You may add instructions limiting or extending the agent’s powers in the customizable form.

Illinois law requires that your financial power of attorney be notarized and signed in the presence of one witness. Please note that neither the notary nor a named agent may serve as the witness. Once your document is signed, you can upload it to you ezEstatePlanner Vault. This secure location is perfect for storing all of your estate planning documents as well as other significant items such as photos. You and any other trusted individuals you choose will be able to access your ezEstatePlanner Vault at any time and any place.

Several websites offer additional information on legal matters in Illinois, including:
Illinois Legal Advocate
Illinois Legal Aid
Illinois Attorney General




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