“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.” (755 ILCS 45/3 1)
A Power of Attorney is a document created so that an agent can be appointed for someone (called the Principal) to act on their behalf. It is primarily utilized so that the agent can manage the Principal’s property and financial affairs. It is a useful device when someone is not able to take care of their matters as efficiently as they wish. In this case an agent is appointed who becomes an Attorney-in-fact for the Principal (this differs from an Attorney-at-law which is an actual attorney or lawyer in the traditional sense).
A Power of Attorney is not something that is usually recommended to clients. When you create a Power of Attorney you are, in essence, making a document that allows someone to legally “be you” on paper. Obviously, this person must be someone whom you trust. However, the Illinois Statute, that allows this document to be created also allows for it to be limited if so desired. So you can limit the agent’s powers to very specific tasks, and you also can have it expire at a desired date.
It is not uncommon in Real Estate transactions for a Seller to grant a very limited Power of Attorney to their Lawyer for the purpose of completing the transaction. This allows the Seller to be absent while the closing takes place (making it unnecessary to take a day off of work).
© 2006 Prendergast & DelPrincipe
All writing on this website is provided for generic informational purposes and should not be construed as legal advice of any nature. An attorney or other appropriate professional should always be consulted before making decisions that may affect ones personal, legal, or financial status. |
