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More on Powers of Attorney for Property
in Illinois
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| Below,
you will find a general example of an Illinois Statutory Short Form
Durable Power of Attorney for Property contained in the Illinois Power
of Attorney Act at 755
ILCS 45/3-3. Although this is the statutory form,
it may or may not be suitable for all situations without modification.
This is a form legal document and
may or may not be suitable for your situation. Consult an
attorney
before acting! (Disclaimer)
We generally assist clients in the preparation of powers of
attorney and other estate planning documents. Contact us at
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ILLINOIS STATUTORY SHORT FORM
POWER OF ATTORNEY FOR PROPERTY
(NOTICE: THE PURPOSE OF THIS POWER OF
ATTORNEY IS TO GIVE THE PERSON YOU DESIGNATE (YOUR "AGENT") BROAD
POWERS TO HANDLE YOUR PROPERTY, WHICH MAY INCLUDE POWERS TO PLEDGE,
SELL OR OTHERWISE DISPOSE OF ANY REAL OR PERSONAL PROPERTY WITHOUT
ADVANCE NOTICE TO YOU OR APPROVAL BY YOU. THIS FORM DOES NOT IMPOSE A
DUTY ON YOUR AGENT TO EXERCISE GRANTED POWERS; BUT WHEN POWERS ARE
EXERCISED, YOUR AGENT WILL HAVE TO USE DUE CARE TO ACT FOR YOUR BENEFIT
AND IN ACCORDANCE WITH THIS FORM AND KEEP A RECORD OF RECEIPTS,
DISBURSEMENTS AND SIGNIFICANT ACTIONS TAKEN AS AGENT. A COURT CAN TAKE
AWAY THE POWERS OF YOUR AGENT IF IT FINDS THE AGENT IS NOT ACTING
PROPERLY. YOU MAY NAME SUCCESSOR AGENTS UNDER THIS FORM BUT NOT
CO‑AGENTS. UNLESS YOU EXPRESSLY LIMIT THE DURATION OF THIS POWER IN THE
MANNER PROVIDED BELOW, UNTIL YOU REVOKE THIS POWER OR A COURT ACTING ON
YOUR BEHALF TERMINATES IT, YOUR AGENT MAY EXERCISE THE POWERS GIVEN
HERE THROUGHOUT YOUR LIFETIME, EVEN AFTER YOU BECOME DISABLED. THE
POWERS YOU GIVE YOUR AGENT ARE EXPLAINED MORE FULLY IN SECTION 3‑4 OF
THE ILLINOIS "STATUTORY SHORT FORM POWER OF ATTORNEY FOR PROPERTY LAW"
OF WHICH THIS FORM IS A PART (SEE THE BACK OF THIS FORM). THAT LAW
EXPRESSLY PERMITS THE USE OF ANY DIFFERENT FORM OF POWER OF ATTORNEY
YOU MAY DESIRE. IF THERE IS ANYTHING ABOUT THIS FORM THAT YOU DO NOT
UNDERSTAND, YOU SHOULD ASK A LAWYER TO EXPLAIN IT TO YOU.)
POWER OF ATTORNEY made this .......... day of
............................ (month) ............ (year).
1. I,
..............................................................................................,
(insert name and address of principal) hereby
appoint: ..............................................................................................
(insert name and address of agent) as my attorney‑in‑fact (my "agent")
to act for me and in my name (in any way I could act in person) with
respect to the following powers, as defined in Section 3‑4 of the
"Statutory Short Form Power of Attorney for Property Law" (including
all amendments), but subject to any limitations on or additions to the
specified powers inserted in paragraph 2 or 3 below:
(YOU MUST STRIKE OUT ANY ONE OR MORE OF THE FOLLOWING CATEGORIES OF
POWERS YOU DO NOT WANT YOUR AGENT TO HAVE. FAILURE TO STRIKE THE TITLE
OF ANY CATEGORY WILL CAUSE THE POWERS DESCRIBED IN THAT CATEGORY TO BE
GRANTED TO THE AGENT. TO STRIKE OUT A CATEGORY YOU MUST DRAW A LINE
THROUGH THE TITLE OF THAT CATEGORY.)
(a) Real estate transactions.
(b) Financial institution transactions.
(c) Stock and bond transactions.
(d) Tangible personal property
transactions.
(e) Safe deposit box transactions.
(f) Insurance and annuity transactions.
(g) Retirement plan transactions.
(h) Social Security, employment and
military service benefits.
(i) Tax matters.
(j) Claims and litigation.
(k) Commodity and option transactions.
(l) Business operations.
(m) Borrowing transactions.
(n) Estate transactions.
(o) All other property powers and
transactions.
(LIMITATIONS ON AND ADDITIONS TO THE AGENT'S POWERS MAY BE INCLUDED IN
THIS POWER OF ATTORNEY IF THEY ARE SPECIFICALLY DESCRIBED BELOW.)
2. The powers granted above shall not
include the following powers or shall be modified or limited in the
following particulars (here you may include any specific limitations
you deem appropriate, such as a prohibition or conditions on the sale
of particular stock or real estate or special rules on borrowing by the
agent):
..........................................................................................................................................................................................
..........................................................................................................................................................................................
..........................................................................................................................................................................................
..........................................................................................................................................................................................
..............................................................
............................................................................................................................
3. In addition to the powers granted
above, I grant my agent the following powers (here you may add 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
below):
..........................................................................................................................................................................................
..........................................................................................................................................................................................
..........................................................................................................................................................................................
..........................................................................................................................................................................................
..........................................................................................................................................................................................
(YOUR AGENT WILL HAVE AUTHORITY TO EMPLOY OTHER PERSONS AS NECESSARY TO
ENABLE THE AGENT TO PROPERLY EXERCISE THE POWERS GRANTED IN THIS FORM,
BUT YOUR AGENT WILL HAVE TO MAKE ALL DISCRETIONARY DECISIONS. IF YOU
WANT TO GIVE YOUR AGENT THE RIGHT TO DELEGATE DISCRETIONARY
DECISION‑MAKING POWERS TO OTHERS, YOU SHOULD KEEP THE NEXT SENTENCE,
OTHERWISE IT SHOULD BE STRUCK OUT.)
4. My agent shall have the right by
written instrument to delegate any or all of the foregoing powers
involving discretionary decision‑making to any person or persons whom
my agent may select, but such delegation may be amended or revoked by
any agent (including any successor) named by me who is acting under
this power of attorney at the time of reference.
(YOUR AGENT WILL BE ENTITLED TO REIMBURSEMENT FOR ALL REASONABLE
EXPENSES INCURRED IN ACTING UNDER THIS POWER OF ATTORNEY. STRIKE OUT
THE NEXT SENTENCE IF YOU DO NOT WANT YOUR AGENT TO ALSO BE ENTITLED TO
REASONABLE COMPENSATION FOR SERVICES AS AGENT.)
5. My agent shall be entitled to
reasonable compensation for services rendered as agent under this power
of attorney.
(THIS POWER OF ATTORNEY MAY BE AMENDED OR REVOKED BY YOU AT ANY TIME
AND IN ANY MANNER. ABSENT AMENDMENT OR REVOCATION, THE AUTHORITY
GRANTED IN THIS POWER OF ATTORNEY WILL BECOME EFFECTIVE AT THE TIME
THIS POWER IS SIGNED AND WILL CONTINUE UNTIL YOUR DEATH UNLESS A
LIMITATION ON THE BEGINNING DATE OR DURATION IS MADE BY INITIALING AND
COMPLETING EITHER (OR BOTH) OF THE FOLLOWING:)
6. (......) This power of attorney shall
become effective on
.............................................................. (insert
a future date or event during your lifetime, such as court
determination of your disability, when you want this power to first
take effect)
7. (......) This power of attorney shall
terminate on
.............................................................. (insert
a future date or event, such as court determination of your disability,
when you want this power to terminate prior to your death)
(IF YOU WISH TO NAME SUCCESSOR AGENTS, INSERT THE NAME(S) AND
ADDRESS(ES) OF SUCH SUCCESSOR(S) IN THE FOLLOWING PARAGRAPH.)
8. If any agent named by me shall die,
become incompetent, resign or refuse to accept the office of agent, I
name the following (each to act alone and successively, in the order
named) as successor(s) to such agent:
..........................................................................................................................................................................................
..............................................................
............................................................................................................................
For purposes of this paragraph 8, a person shall be considered to be
incompetent if and while the person is a minor or an adjudicated
incompetent or disabled person or the person is unable to give prompt
and intelligent consideration to business matters, as certified by a
licensed physician. (IF YOU WISH TO NAME YOUR AGENT AS GUARDIAN OF YOUR
ESTATE, IN THE EVENT A COURT DECIDES THAT ONE SHOULD BE APPOINTED, YOU
MAY, BUT ARE NOT REQUIRED TO, DO SO BY RETAINING THE FOLLOWING
PARAGRAPH. THE COURT WILL APPOINT YOUR AGENT IF THE COURT FINDS THAT
SUCH APPOINTMENT WILL SERVE YOUR BEST INTERESTS AND WELFARE. STRIKE OUT
PARAGRAPH 9 IF YOU DO NOT WANT YOUR AGENT TO ACT AS GUARDIAN.)
9. If a guardian of my estate (my
property) is to be appointed, I nominate the agent acting under this
power of attorney as such guardian, to serve without bond or security.
10. I am fully informed as to all the
contents of this form and understand the full import of this grant of
powers to my agent.
Signed
.........................................................................
(principal)
(YOU MAY, BUT ARE NOT REQUIRED TO, REQUEST YOUR AGENT AND SUCCESSOR
AGENTS TO PROVIDE SPECIMEN SIGNATURES BELOW. IF YOU INCLUDE SPECIMEN
SIGNATURES IN THIS POWER OF ATTORNEY, YOU MUST COMPLETE THE
CERTIFICATION OPPOSITE THE SIGNATURES OF THE AGENTS.)
Specimen
signatures of agent
(and successors) |
I
certify that the signatures of my agent
(and successors) are correct. |
.......................................................................................
|
....................................................................................... |
| (agent) |
(principal) |
| ....................................................................................... |
....................................................................................... |
| (agent) |
(principal) |
| ....................................................................................... |
....................................................................................... |
| (agent) |
(principal) |
(THIS POWER OF ATTORNEY WILL NOT BE EFFECTIVE UNLESS IT IS NOTARIZED
AND SIGNED BY AT LEAST ONE ADDITIONAL WITNESS, USING THE FORM BELOW.)
| STATE OF
ILLINOIS |
) |
|
) ss. |
| COUNTY OF ......................... |
) |
The undersigned, a
notary public in and for the above county and
state, certifies that
......................................................., known to me to
be the
same person whose name is subscribed as principal to the foregoing
power of attorney, appeared before me and the additional witness in
person and acknowledged signing and delivering the instrument as the
free and voluntary act of the principal, for the uses and purposes
therein set forth (, and certified to the correctness of the
signature(s) of the agent(s)).
Dated: ................................ (SEAL)
.........................................................................
Notary Public
My commission expires ....................................
The
undersigned witness certifies
that .......................................................,
known to me to be
the same person whose name is subscribed as principal to the foregoing
power of attorney, appeared before me and the notary public and
acknowledged signing and delivering the instrument as the free and
voluntary act of the principal, for the uses and purposes therein set
forth. I believe him or her to be of sound mind and memory.
Dated: ................................ (SEAL)
.........................................................................
Witness
(THE
NAME AND ADDRESS OF THE PERSON PREPARING THIS FORM SHOULD BE INSERTED
IF THE AGENT WILL HAVE POWER TO CONVEY ANY INTEREST IN REAL ESTATE.)
This document was prepared by:
.........................................................................
.........................................................................
.........................................................................
.........................................................................
The requirement of the signature of an additional
witness imposed by
this amendatory Act of the 91st General Assembly applies only to
instruments executed on or after the effective date of this amendatory
Act of the 91st General Assembly.
Excerpt from the Statutory Short Form Power of Attorney for Property Law
§3-4. Explanation of powers granted in
the statutory short form power of attorney for property. This
Section defines each category of powers listed in the statutory short
form power of attorney for property and the effect of granting powers
to an agent. When the title of any of the following categories is
retained (not struck out) in a statutory property power form, the
effect will be to grant the agent all of the principal's rights, powers
and discretions with respect to the types of property and transactions
covered by the retained category, subject to any limitations on the
granted powers that appear on the face of the form. The agent will have
authority to exercise each granted power for and in the name of the
principal with respect to all of the principal's interests in every
type of property or transaction covered by the granted power at the
time of exercise, whether the principal's interests are direct or
indirect, whole or fractional, legal, equitable or contractual, as a
joint tenant or tenant in common or held in any other form; but the
agent will not have power under any of the statutory categories (a)
through (o) to make gifts of the principal's property, to exercise
powers to appoint to others or to change any beneficiary whom the
principal has designated to take the principal's interests at death
under any will, trust, joint tenancy, beneficiary form or contractual
arrangement. The agent will be under no duty to exercise granted powers
or to assume control of or responsibility for the principal's property
or affairs; but when granted powers are exercised, the agent will be
required to use due care to act for the benefit of the principal in
accordance with the terms of the statutory property power and will be
liable for negligent exercise. The agent may act in person or through
others reasonably employed by the agent for that purpose and will have
authority to sign and deliver all instruments, negotiate and enter into
all agreements and do all other acts reasonably necessary to implement
the exercise of the powers granted to the agent.
(a) Real estate transactions. The agent
is authorized to: buy, sell, exchange, rent and lease real estate
(which term includes, without limitation, real estate subject to a land
trust and all beneficial interests in and powers of direction under any
land trust); collect all rent, sale proceeds and earnings from real
estate; convey, assign and accept title to real estate; grant
easements, create conditions and release rights of homestead with
respect to real estate; create land trusts and exercise all powers
under land trusts; hold, possess, maintain, repair, improve, subdivide,
manage, operate and insure real estate; pay, contest, protest and
compromise real estate taxes and assessments; and, in general, exercise
all powers with respect to real estate which the principal could if
present and under no disability.
(b) Financial institution transactions.
The agent is authorized to: open, close, continue and control all
accounts and deposits in any type of financial institution (which term
includes, without limitation, banks, trust companies, savings and
building and loan associations, credit unions and brokerage firms);
deposit in and withdraw from and write checks on any financial
institution account or deposit; and, in general, exercise all powers
with respect to financial institution transactions which the principal
could if present and under no disability. This authorization shall also
apply to any Totten Trust, Payable on Death Account, or comparable
trust account arrangement where the terms of such trust are contained
entirely on the financial institution's signature card, insofar as an
agent shall be permitted to withdraw income or principal from such
account, unless this authorization is expressly limited or withheld
under paragraph 2 of the form prescribed under Section 3‑3. This
authorization shall not apply to accounts titled in the name of any
trust subject to the provisions of the Trusts and Trustees Act, for
which specific reference to the trust and a specific grant of authority
to the agent to withdraw income or principal from such trust is
required pursuant to Section 2‑9 of the Illinois Power of Attorney Act
and subsection (n) of this Section.
(c) Stock and bond transactions. The
agent is authorized to: buy and sell all types of securities (which
term includes, without limitation, stocks, bonds, mutual funds and all
other types of investment securities and financial instruments);
collect, hold and safekeep all dividends, interest, earnings, proceeds
of sale, distributions, shares, certificates and other evidences of
ownership paid or distributed with respect to securities; exercise all
voting rights with respect to securities in person or by proxy, enter
into voting trusts and consent to limitations on the right to vote;
and, in general, exercise all powers with respect to securities which
the principal could if present and under no disability.
(d) Tangible personal property
transactions. The agent is authorized to: buy and sell, lease,
exchange, collect, possess and take title to all tangible personal
property; move, store, ship, restore, maintain, repair, improve,
manage, preserve, insure and safekeep tangible personal property; and,
in general, exercise all powers with respect to tangible personal
property which the principal could if present and under no disability.
(e) Safe deposit box transactions. The
agent is authorized to: open, continue and have access to all safe
deposit boxes; sign, renew, release or terminate any safe deposit
contract; drill or surrender any safe deposit box; and, in general,
exercise all powers with respect to safe deposit matters which the
principal could if present and under no disability.
(f) Insurance and annuity transactions.
The agent is authorized to: procure, acquire, continue, renew,
terminate or otherwise deal with any type of insurance or annuity
contract (which terms include, without limitation, life, accident,
health, disability, automobile casualty, property or liability
insurance); pay premiums or assessments on or surrender and collect all
distributions, proceeds or benefits payable under any insurance or
annuity contract; and, in general, exercise all powers with respect to
insurance and annuity contracts which the principal could if present
and under no disability.
(g) Retirement plan transactions. The
agent is authorized to: contribute to, withdraw from and deposit funds
in any type of retirement plan (which term includes, without
limitation, any tax qualified or nonqualified pension, profit sharing,
stock bonus, employee savings and other retirement plan, individual
retirement account, deferred compensation plan and any other type of
employee benefit plan); select and change payment options for the
principal under any retirement plan; make rollover contributions from
any retirement plan to other retirement plans or individual retirement
accounts; exercise all investment powers available under any type of
self‑directed retirement plan; and, in general, exercise all powers
with respect to retirement plans and retirement plan account balances
which the principal could if present and under no disability.
(h) Social Security, unemployment and
military service benefits. The agent is authorized to: prepare, sign
and file any claim or application for Social Security, unemployment or
military service benefits; sue for, settle or abandon any claims to any
benefit or assistance under any federal, state, local or foreign
statute or regulation; control, deposit to any account, collect,
receipt for, and take title to and hold all benefits under any Social
Security, unemployment, military service or other state, federal, local
or foreign statute or regulation; and, in general, exercise all powers
with respect to Social Security, unemployment, military service and
governmental benefits which the principal could if present and under no
disability.
(i) Tax matters. The agent is authorized
to: sign, verify and file all the principal's federal, state and local
income, gift, estate, property and other tax returns, including joint
returns and declarations of estimated tax; pay all taxes; claim, sue
for and receive all tax refunds; examine and copy all the principal's
tax returns and records; represent the principal before any federal,
state or local revenue agency or taxing body and sign and deliver all
tax powers of attorney on behalf of the principal that may be necessary
for such purposes; waive rights and sign all documents on behalf of the
principal as required to settle, pay and determine all tax liabilities;
and, in general, exercise all powers with respect to tax matters which
the principal could if present and under no disability.
(j) Claims and litigation. The agent is
authorized to: institute, prosecute, defend, abandon, compromise,
arbitrate, settle and dispose of any claim in favor of or against the
principal or any property interests of the principal; collect and
receipt for any claim or settlement proceeds and waive or release all
rights of the principal; employ attorneys and others and enter into
contingency agreements and other contracts as necessary in connection
with litigation; and, in general, exercise all powers with respect to
claims and litigation which the principal could if present and under no
disability.
(k) Commodity and option transactions.
The agent is authorized to: buy, sell, exchange, assign, convey, settle
and exercise commodities futures contracts and call and put options on
stocks and stock indices traded on a regulated options exchange and
collect and receipt for all proceeds of any such transactions;
establish or continue option accounts for the principal with any
securities or futures broker; and, in general, exercise all powers with
respect to commodities and options which the principal could if present
and under no disability.
(l) Business operations. The agent is
authorized to: organize or continue and conduct any business (which
term includes, without limitation, any farming, manufacturing, service,
mining, retailing or other type of business operation) in any form,
whether as a proprietorship, joint venture, partnership, corporation,
trust or other legal entity; operate, buy, sell, expand, contract,
terminate or liquidate any business; direct, control, supervise, manage
or participate in the operation of any business and engage, compensate
and discharge business managers, employees, agents, attorneys,
accountants and consultants; and, in general, exercise all powers with
respect to business interests and operations which the principal could
if present and under no disability.
(m) Borrowing transactions. The agent is
authorized to: borrow money; mortgage or pledge any real estate or
tangible or intangible personal property as security for such purposes;
sign, renew, extend, pay and satisfy any notes or other forms of
obligation; and, in general, exercise all powers with respect to
secured and unsecured borrowing which the principal could if present
and under no disability.
(n) Estate transactions. The agent is
authorized to: accept, receipt for, exercise, release, reject,
renounce, assign, disclaim, demand, sue for, claim and recover any
legacy, bequest, devise, gift or other property interest or payment due
or payable to or for the principal; assert any interest in and exercise
any power over any trust, estate or property subject to fiduciary
control; establish a revocable trust solely for the benefit of the
principal that terminates at the death of the principal and is then
distributable to the legal representative of the estate of the
principal; and, in general, exercise all powers with respect to estates
and trusts which the principal could if present and under no
disability; provided, however, that the agent may not make or change a
will and may not revoke or amend a trust revocable or amendable by the
principal or require the trustee of any trust for the benefit of the
principal to pay income or principal to the agent unless specific
authority to that end is given, and specific reference to the trust is
made, in the statutory property power form.
(o) All other property powers and
transactions. The agent is authorized to: exercise all possible powers
of the principal with respect to all possible types of property and
interests in property, except to the extent the principal limits the
generality of this category (o) by striking out one or more of
categories (a) through (n) or by specifying other limitations in the
statutory property power form.
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DISCLAIMER: Please Note: this
form is a general
example
of an Illinois Statutory Short Form Durable Power of Attorney.
The form you
should use may be different. This form should not be relied upon as
legal advice. Always consult an attorney before taking any steps to
prepare a power of attorney. The law is constantly changing
and this
form may not apply to your situation. This form is not an example for
use in any State other than the State of Illinois. No representations
or warranties are made as to the suitability of this form to your
situation. Please
consult a lawyer before taking ANY action.
This website is intended
to be
advertising, and not solicitation, nor legal advice. Thus, the reader
should not consider this information to be an invitation for an
attorney-client relationship, should not rely on information provided
herein, and should always seek the advice of competent counsel in the
reader's state.
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Reda | Ciprian | Magnone, LLC |
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