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illinois statutory power of attorney july 1 2011

Do you need a Power of Attorney?  Call or Fill out this contact form today!

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.