Illinois Durable (Financial) Power of Attorney Form allows an individual (“principal”) to delegate another person (i.e. trusted relative, a friend of the family, a professional) to act as his or her attorney-in-fact with financial matters for a predetermined span of time. The principal can decide to have this agent act for him or her with authority for a few days, indefinitely, or until an event occurs. Typically, when issuing a durable power, the principal is anticipating a time when he or she may need someone to make decisions for them when incapacitated. Another example for a scenario where this form is useful would be if the principal anticipates being unavailable to handle his or her affairs (i.e. being deployed in the military) and requires someone to make sure that his or her responsibilities are met during such a time.
Laws – 755 ILCS 45/ (Illinois Power of Attorney Act)
Health Care Power of Attorney – When you can no longer make medical decisions for yourself, this form will enable you to elect a trusted representative.
How to Write
1 – Prepare To Document The Principal’s Declarations
An individual wishing to grant another individual broad and sweeping powers will need to document such intent then sign such paperwork and submit it to relevant entities accordingly. To begin, obtain the document utilizing the buttons below the preview picture. Make sure the Principal reads the first two pages then, submits his or her initials at the end of this disclosure on the space provided.
2 – Record The Identity And Location Of The Principal
The first set of lines will make up the First Statement (labeled “1”). Here, report the Complete Name of the Principal and the Address for his or her current residence.
3 – Document The Identity And Location Of The Attorney-in-Fact
The next set of blank lines in the First Statement (labeled “1”) require the Full Name of the Attorney-in-Fact and his or her Residential Address.
4 – Solidify Any Restrictions That Will Apply To The Attorney-in-Fact
The next set of items requiring attention in the First Statement will be a short list labeled A through O. This will be a set of matters or categories in the Principal’s life that will occasionally or often require attention. By default, the Attorney-in-Fact will be able to wield Principal Authority in all of these categories or subdivisions. If the Principal wishes to restrain the Attorney-in-Fact from wielding one of these powers, he or she must strike through that Item with a horizontal line.
The Principal may restrain the Attorney-in-Fact from acting with Principal Power in his or her Real Estate Transactions by crossing out all the words in Item (a).
The Attorney-in-Fact will not be able to act with any Authority in the Principal’s Financial Institution Transactions, once the Principal crosses out Item (b).
If the Principal does not wish to grant the Attorney-in-Fact any Principal Powers in his or her Stock and Bond Transactions, then he or she must strike through Item (c).
Item (d) should be crossed out if the Principal does not want to grant the Attorney-in-Fact the Authority to act upon his or her Tangible Personal Property Transactions
If Item (e) is crossed out by the Principal, the Attorney-in-Fact will not be able to access or exert Principal Authority on the Principal’s Safe Deposit Box Transactions
In order to refrain from giving the Attorney-in-Fact Principal Power in the Principal’s Insurance and Annuity Transactions, Item (f) must have a horizontal line drawn through the subject.
Make sure the Principal strikes through Item (g) if he or she does not intend to grant the Attorney-in-Fact
The Principal should strike through Item (h), if he or she does not wish to grant the Attorney-in-Fact Authority to deal in Social Security, Employment, and Military Service Benefits the Principal receives or is entitled to.
The Attorney-in-Fact will be restricted from acting with Principal Power in respect to the Principal’s Tax Matters if the Principal crosses out Item (i).
Should the Principal wish to prevent the Attorney-in-Fact from exerting any power over his or her Claims and Litigation, then Item (j) must be crossed out.
Item (k) will allow the Attorney-in-Fact to use Principal Authority in the Principal’s Commodity and Option Transactions. If the Principal does not wish to grant the Attorney-in-Fact this power, he or she must cross out Item (k).
The Principal can restrict the Attorney-in-Fact from exerting Principal Authority in his or her Business Operations by striking through Item (l).
If Item (m) is crossed out, the Attorney-in-Fact will not be able to perform Borrowing Transactions on behalf of the Principal.
The Attorney-in-Fact will be unable to perform Estate Transactions, on behalf of the Principal if the Principal crosses out Item (n).
If Item (o) is crossed out, then all other Property Transactions will be considered outside the Attorney-in-Fact’s Principal Authority. That is, only the subjects left unmarked in this list will be within the bounds of the Attorney-in-Fact’s Principal Authority.
5 – Report Additional Limitations To The Attorney-in-Fact
The Second Statement (labeled “2”) will provide several blank lines. If the Principal wishes to modify or limit any Powers granted to the Attorney-in-Fact, this must be documented on the blank lines in this section.
6 – Specify Any Additional Powers To The Attorney-in-Fact
The Third Statement (labeled “3”) also provides several blank lines. If the Principal wishes to extend any powers or place include any provisions, this may be done on the blank lines provided in this section.
7 – Declare The Period Of Effect
The next Statements requiring attention will serve to define when the Attorney-in-Fact will have Principal Authority in the matters discussed on this form. To begin locate the Sixth Statement (labeled “6”) then report the exact Date or Event that will cause the Powers defined in this document to be granted to the Attorney-in-Fact.
Then, in the Seventh Statement (labeled “7”), use the blank space provided to enter the exact Date or Event that will cause the termination of the Attorney-in-Facts Principal Powers as defined in this document.
8 – Determine If There Will Be A Successor Agent
This form will not allow for Co-Agents to be named however, the Principal may elect to have a Successor Agent and Second Successor Agent. Each one will be eligible, through this form, to act on behalf of the Principal by assuming the Powers assigned in this document, if the Attorney-in-Fact cannot fulfill his or her role. Enter the Name and Address of each Successor Agent, in the order in which they would be expected to assume Power.
9 – Verify The Principal’s Intent To Appoint Power
This form should be reviewed by the Principal and the Attorney-in-Fact that it concerns. These parties will need to sign this document in the presence of two Witnesses and a Notary Public. The Principal will need to begin by entering the Date of Signature on the blank space after the word “Dated.” Next to the Signature Date just entered, the Principal must sign his or her Name on the blank space after “Signed.”
10 – Substantiate Principal Signature
The next three sections will serve to verify the Principal Signing of this form. To begin, there will be two Witness Statements provided. Each Witness viewing the Signing must fill in the Name of the Principal on the blank space in the first line with the Principal’s Name. Then, each Witness must enter a Signature Date and sign his or her Name on the spaces below the Witness Testimony. One Witness may only sign one Testimony.
Below the Witness Testimony, starting with the term “State of,” will be Notarization portion of this form. No other party may satisfy the requirements here but a Notary Public assigned to this document’s execution.
11 – Obtain Attorney-in-Fact Acknowledgement (Conditional)
Some cases require the Attorney-in-Fact to acknowledge the granting of Principal Power by way of a signature. Generally, this is recommended, however, not necessarily required. If this Acknowledgment Signature is available, the Attorney-in-Fact must sign the blank space labeled “(agent)” in the section following the Notary Public’s area. If Successor Agents have been named, there will be two additional lines below the Agent Signature for each Successor Agent to sign his or her Name.
Next, to each Agent Signature, the Principal must sign his or her Name on the blank line labeled “(principal).”
12 – Preparer Identity
The Preparer of this form must locate the blank lines labeled “Name of Preparer,” “Address,” and “Phone” then self-report this information. These lines must contain the Full Name, Complete Address, and Current Phone Number of the Preparer.
