A person over the age of 18 may name a person to act as his agent (or power of attorney) to handle his financial affairs on his behalf. The Illinois Power of Attorney Act sets forth the requirements for the proper execution of a Power of Attorney (POA). Generally, the document must be signed before a notary public and witnessed by one additional person. The document sets forth the conditions upon which an agent can act under the POA and the scope and limitations of the agents actions in the name of the signor of the POA.
A person generally names a spouse or other close relative to act as his or her agent under a POA in the instance of absence or disability. The POA can be revoked anytime in writing and so long as it is delivered to the agent and any person who has been presented a copy of the POA.
A POA enables an agent to act on your behalf as if you are acting for yourself. The powers granted can include real estate transactions, banking transactions, investment transactions, social security and tax matters, borrowing, and many other actions. A POA is a powerful document that allows your agent to have access to all of your financial information unless otherwise limited by the POA.
An agent under a POA has the duty to act with care in the handling of your financial affairs. The agent should keep a detailed record of his or her receipts, disbursements, or other actions taken on your behalf. The agent has a duty to abide by your estate planning wishes that have been written out by will or trust.
