Illinois Power of Attorney

An elderly woman sits with a man dressed professionally, who is guiding her through signing papers, while her family watches.
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A statutory power of attorney for property is a legal document that allows a person (the principal) to delegate certain financial and legal decisions to another person (the agent). The Illinois statutory power of attorney for property grants the agent broad and general powers to act on behalf of the principal, unless the principal limits or restricts those powers in the document. Some of the powers that the agent can exercise include:

- Buying, selling, leasing, or mortgaging real estate or individual property

- Managing bank accounts, investments, retirement plans, or insurance policies

- Filing tax returns, paying taxes, or claiming refunds

- Operating or dissolving a business or corporation

- Making gifts or charitable donations

- Creating or modifying trusts, wills, or other estate planning documents

- Hiring or firing attorneys, accountants, or other professionals

Note that powers of attorney can be effective immediately or upon some specific event. Sometimes additional powers are required. When this happens, special additional powers can be added. We recommend discussing your specific needs with an attorney to confirm that your agents will be able to achieve your goals.