illinois statutory power of attorney july 1 2011
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Effective July 1, 2011, the State of Illinois has a new Power of Attorney Form for Property. The Power of Attorney for Property is a Statutory Form that provides the highest level of protection and power when seeking to be a power of attorney for property in Illinois. Common uses for this Power of Attorney is to give a son or daughter the power to manage and elderly parent’s checking account. Other uses include allowing your attorney to sign the seller’s documents in a residential real estate sale transaction.
The Power of Attorney has several pitfalls that one must be very careful about – first the principal – the person giving the power of attorney must be of sound mind. Therefore, if your parent is already suffering from Dementia and does not have a sound mind, you are already too late to use the Power of Attorney and need to see an attorney about opening up a guardianship. Other special provisions that usually require the advice of an attorney are “springing powers of attorney” and effective date issues.
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