Statutory Short Form Power of Attorney For Property
755 ILCS 45/3-3
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Statutory Short Form Power of Attorney For Property 755 ILCS 45/3-3 |
(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):
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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):
..........................................................................................................................................................
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(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:
..........................................................................................................................................................
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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,
USING THE FORM BELOW.)
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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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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.
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