755 ILCS 45
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755 ILCS 45 |
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Article I |
Short Title |
755 ILCS 45/2-1
Purpose. The General Assembly recognizes that each
individual has the right to appoint an agent to deal with property or
make personal and health care decisions for the individual but that
this right cannot be fully effective unless the principal may empower
the agent to act throughout the principal's lifetime, including
during periods of disability, and be sure that third parties will
honor the agent's authority at all times.
The General Assembly finds that in the light of modern financial needs and advances in medical science, the statutory recognition of this right of delegation in Illinois needs to be restated to, among other things, expand its application and the permissible scope of the agent's authority, clarify the power of the individual to authorize an agent to make financial and care decisions for the individual and better protect health care personnel and other third parties who rely in good faith on the agent so that reliance will be assured. Nothing in this Act shall be deemed to authorize or encourage euthanasia, suicide or any action or course of action that violates the criminal law of this State or the United States. Similarly, nothing in this Act shall be deemed to authorize or encourage any violation of a civil right expressed in the Constitution, statutes, case law and administrative rulings of this State (including, without limitation, the right of conscience respected and protected by the "Right of Conscience Act", as now or hereafter amended (745 ILCS 70/1 et seq.)) or the United States or any action or course of action that violates the public policy expressed in the Constitution, statutes, case law and administrative rulings of this State or the United States.
755 ILCS 45/2-2
This Article shall be known and may be cited as the
"Durable Power of Attorney Law".
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755 ILCS 45/2-3
Definitions. As used in this Act:
(a) "Agency" means the written power of attorney or other instrument of agency governing the relationship between the principal and agent or the relationship, itself, as appropriate to the context, and includes agencies dealing with personal or health care as well as property. An agency is subject to this Act to the extent it may be controlled by the principal, excluding agencies and powers for the benefit of the agent.
(b) "Agent" means the attorney-in-fact or other person designated to act for the principal in the agency.
(c) "Disabled person" has the same meaning as in the "Probate Act of 1975", as now or hereafter amended (755 ILCS 5/1-1 et seq.). To be under a "disability" or "disabled" means to be a disabled person.
(d) "Person" means an individual, corporation, trust, partnership or other entity, as appropriate to the agency.
(e) "Principal" means an individual (including, without
limitation, an individual acting as trustee, representative or other
fiduciary) who signs a power of attorney or other instrument of
agency granting powers to an agent.
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755 ILCS 45/2-4
Applicability. (a) The principal may specify in the agency
the event or time when the agency will begin and terminate, the mode
of revocation or amendment and the rights, powers, duties,
limitations, immunities and other terms applicable to the agent and
to all persons dealing with the agent, and the provisions of the
agency will control notwithstanding this Act, except that every
health care agency must comply with Section 4-5 of this Act (755 ILCS
45/4-5).
(b) From and after the effective date of this Act: (1) this Act governs every agency, whenever and wherever executed, and all acts of the agent to the extent the provisions of this Act are not inconsistent with the agency; and (2) this Act applies to all agencies exercised in Illinois and to all other agencies if the principal is a resident of Illinois at the time the agency is signed or at the time of exercise or if the agency indicates that Illinois law is to apply. Providing forms of statutory property and health care powers in Articles III and IV (755 ILCS 45/3-1 et seq. and 755 ILCS 45/4-1 et seq.) does not limit the applicability of this Act, it being intended that every agency, including, without limitation, the statutory property and health care power agencies, shall have the benefit of and be governed by Article II (755 ILCS 45/2-1 et seq.), by Sections 4-1 through 4-9 and Section 4-11 of Article IV (755 ILCS 45/4-1 through 755 ILCS 45/4-9 and 755 ILCS 45/4-11), and by all other general provisions of this Act, except to the extent the terms of the agency are inconsistent with this Act.
755 ILCS 45/2-5
Duration of agency - amendment and revocation. Unless the
agency states an earlier termination date, the agency continues until
the death of the principal, notwithstanding any lapse of time, the
principal's disability or incapacity or appointment of a guardian for
the principal after the agency is signed. Every agency may be amended
or revoked by the principal at any time and in any manner
communicated to the agent or to any other person related to the
subject matter of the agency, except that revocation and amendment of
health care agencies are governed by Section 4-6 of this Act (755
ILCS 45/4-6) except to the extent the terms of the agencies are
inconsistent with that Section.
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755 ILCS 45/2-6
Effect of disability - divorce. (a) All acts of the agent
within the scope of the agency during any period of disability,
incapacity or incompetency of the principal have the same effect and
inure to the benefit of and bind the principal and his or her
successors in interest as if the principal were competent and not
disabled.
(b) If a court enters a judgement of dissolution of marriage or
legal separation between the principal and his or her spouse after
the agency is signed, the spouse shall be deemed to have died at the
time of the judgment for all purposes of the agency.
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755 ILCS 45/2-7
Duty - standard of care - record-keeping - exoneration.
The agent shall be under no duty to exercise the powers granted by
the agency or to assume control of or responsibility for any of the
principal's property, care or affairs, regardless of the principal's
physical or mental condition. Whenever a power is exercised, the
agent shall use due care to act for the benefit of the principal in
accordance with the terms of the agency and shall be liable for
negligent exercise. An agent who acts with due care for the benefit
of the principal shall not be liable or limited merely because the
agent also benefits from the act, has individual or conflicting
interests in relation to the property, care or affairs of the
principal or acts in a different manner with respect to the agency
and the agent's individual interests. The agent shall keep a record
of all receipts, disbursements, and significant actions taken under
the agency. The agent shall not be affected by any amendment or
termination of the agency until the agent has actual knowledge
thereof. The agent shall not be liable for any loss due to error of
judgment nor for the act or default of any other person.
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755 ILCS 45/2-7.5
Incapacitated principal.
(a) This Section shall apply only to an agent acting for a principal who is incapacitated. A principal shall be considered incapacitated if that individual is under a legal disability as defined in Section 11a-2 of the Probate Act of 1975. A principal shall also be considered incapacitated if: (i) a physician licensed to practice medicine in all its branches has examined the principal and has determined that the principal lacks decision making capacity; and (ii) that physician has made a written record of this determination and has signed the written record within 90 days after the examination; and (iii) the written record has been delivered to the agent. The agent may rely conclusively on that written record.
(b) An agent shall provide a record of all receipts,
disbursements, and significant actions taken under the authority of
the agency when requested to do so: (i) by a representative of a
provider agency, as defined in Section 2 of the Elder Abuse and
Neglect Act, acting in the course of an assessment of a complaint of
elder abuse or neglect under that Act; or (ii) by a representative of
the Office of the State Long Term Care Ombudsman acting in the course
of an investigation of a complaint of financial exploitation of a
nursing home resident under Section 4.04 of the Illinois Act on the
Aging. (Source: P.A. 91-790, eff. 6-9-00.)
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755 ILCS 45/2-8
Reliance on document purporting to establish an agency.
Any person who acts in good faith reliance on a copy of a document
purporting to establish an agency will be fully protected and
released to the same extent as though the reliant had dealt directly
with the named principal as a fully-competent person. The named agent
shall furnish an affidavit to the reliant on demand stating that the
instrument relied on is a true copy of the agency and that, to the
best of the named agent's knowledge, the named principal is alive and
the relevant powers of the named agent have not been altered or
terminated; but good faith reliance on a document purporting to
establish an agency will protect the reliant without the affidavit.
Any person dealing with an agent named in a copy of a document
purporting to establish an agency may presume, in the absence of
actual knowledge to the contrary, that the document purporting to
establish the agency was validly executed, that the agency was
validly established, that the named principal was competent at the
time of execution, and that, at the time of reliance, the named
principal is alive, the agency was validly established and has not
terminated or been amended, the relevant powers of the named agent
were properly and validly granted and have not terminated or been
amended, and the acts of the named agent conform to the standards of
this Act. No person relying on a copy of a document purporting to
establish an agency shall be required to see to the application of
any property delivered to or controlled by the named agent or to
question the authority of the named agent. Each person to whom a
direction by the named agent in accordance with the terms of the copy
of the document purporting to establish an agency is communicated
shall comply with that direction, and any person who fails to comply
arbitrarily or without reasonable cause shall be subject to civil
liability for any damages resulting from noncompliance. A health care
provider who complies with Section 755 ILCS 45/4-7 shall not be
deemed to have acted arbitrarily or without reasonable cause.
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755 ILCS 45/2-9
Preservation of estate plan and trusts. In exercising
powers granted under the agency, including powers of amendment or
revocation and powers to expend or withdraw property passing by
trust, contract or beneficiary designation at the principal's death
(such as, without limitation, specifically bequeathed property, joint
accounts, life insurance, trusts and retirement plans), the agent
shall take the principal's estate plan into account insofar as it is
known to the agent and shall attempt to preserve the plan, but the
agent shall not be liable to any plan beneficiary under this Section
unless the agent acts in bad faith. An agent 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 without specific authority and specific
reference to the trust in the agency. The agent shall have access to
and the right to copy (but not to hold) the principal's will, trusts
and other personal papers and records to the extent the agent deems
relevant for purposes of this Section.
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755 ILCS 45/2-10
Agency - court relationship. Upon petition by any
interested person (including the agent), with such notice to
interested persons as the court directs and a finding by the court
that the principal lacks the capacity to control or revoke the
agency: (a) if the court finds that the agent is not acting for the
benefit of the principal in accordance with the terms of the agency
or that the agent's action or inaction has caused or threatens
substantial harm to the principal's person or property in a manner
not authorized or intended by the principal, the court may order a
guardian of the principal's person or estate to exercise any powers
of the principal under the agency, including the power to revoke the
agency, or may enter such other orders without appointment of a
guardian as the court deems necessary to provide for the best
interests of the principal; or (b) if the court finds that the agency
requires interpretation, the court may construe the agency and
instruct the agent, but the court may not amend the agency. Absent
court order directing a guardian to exercise powers of the principal
under the agency, a guardian will have no power, duty or liability
with respect to any property subject to the agency or any personal or
health care matters covered by the agency. Proceedings under this
Section shall be commenced in the county where the guardian was
appointed or, if no Illinois guardian is acting, then in the county
where the agent resides or, if the agent does not reside in Illinois,
then in any county.
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755 ILCS 45/2-11
Saving clause. This Act does not in any way invalidate any
agency executed or any act of any agent done, or affect any claim,
right or remedy that accrued, prior to September 22, 1987.
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755 ILCS 45/3-1
Purpose. The General Assembly finds that the public
interest requires a standardized form of power of attorney that
individuals may use to authorize an agent to act for them in dealing
with their property and financial affairs.
A short statutory form offering a set of optional powers is necessary so that the individual may design the power of attorney best suited to his or her needs in a simple fashion and be assured that the agent's authority will be honored by third parties with whom the agent deals, regardless of the physical or mental condition of the principal at the time the power is exercised.
The General Assembly intends that when a power in substantially
the form set forth in this Act is used, third parties who rely in
good faith on the acts of the agent within the scope of the power may
do so without fear of liability to the principal. However, this form
is not meant to be exclusive and other forms of power of attorney may
be used.
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755 ILCS 45/3-2
Short Title. This Article shall be known and may be cited
as the "Statutory Short Form Power of Attorney for Property Law".
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755 ILCS 45/3-3
Statutory short form power of attorney for property. The
following form may be known as "statutory property power" and may be
used to grant an agent powers with respect to property and financial
matters. When a power of attorney in substantially the following form
is used, including the "notice" paragraph at the beginning in capital
letters and the notarized form of acknowledgment at the end, it shall
have the meaning and effect prescribed in this Act. The validity of a
power of attorney as meeting the requirements of a statutory property
power shall not be affected by the fact that one or more of the
categories of optional powers listed in the form are struck out or
the form includes specific limitations on or additions to the agent's
powers, as permitted by the form. Nothing in this Article shall
invalidate or bar use by the principal of any other or different form
of power of attorney for property. Nonstatutory property powers must
be executed by the principal and designate the agent and the agent's
powers, but they need not be acknowledged or conform in any other
respect to the statutory property power.
"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 .................... )
) 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:
.....................................................................................................................................................................................
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755 ILCS 45/3-4
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.
(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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Please NOTE: Because the Illinois State Legislature may change, amend, or abolish the law without notice, the statute provided here is not guaranteed to be an exact reproduction of the law at this time. The code provided here is for informational purposes only and should not be relied upon before taking any action. Please consult an attorney.
This web site is intended to supply general information to the public. Although the information is generally accurate, it cannot be guaranteed. The nature of Legislation is that laws change quickly, and visitors should always insure that legal information is accurate before relying on it. The above information applies the law of the State of Illinois and City of Chicago. The law in your jurisdiction may be different. This information is necessarily brief and may or may not apply to your situation. In all cases, PLEASE, consult a lawyer before acting.
This web site is not intended to be solicitation, or 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.