Signing Requirements
The principal must sign with one witness and a notary public. The agent must sign on the last page located on the Agent’s Certification.[1]
Powers Granted
The principal may grant powers to the agent that include:[2]
- Real estate transactions;
- Financial institution transactions;
- Stock and bond transactions;
- Tangible personal property transactions;
- Safe deposit box transactions;
- Insurance and annuity transactions;
- Retirement plan transactions;
- Social Security, employment and military service benefits;
- Tax matters;
- Claims and litigation;
- Commodity and option transactions;
- Business operations;
- Borrowing transactions; and
- Estate transactions.
Additionally, the principal may assign any other delegable powers including, without limitation, power to make gifts, exercise powers of appointment, name or change beneficiaries or joint tenants or revoke or amend any trust specifically referred to in the document.
“Durable” Definition
The Illinois Compiled Statutes do not define “durable,” but refer to enduring through “incapacity” in the Act’s section on Durable Powers of Attorney.
“Power of Attorney” Definition
The Illinois Compiled Statutes do not define “power of attorney,” but refer to an “agency” relationship in the Act’s section on Durable Powers of Attorney.
Statutory Form
Yes, the State of Illinois has a statutory form.[5]