Durable Power of Attorney for Property

Durable Power of Attorney for Property is one of the most basic forms of estate planning, and one which every adult should consider executing.  POA for Property will specify an agent-in-fact, and a successor agent, who will step in and make financial decisions in the event you are no longer able to do so for yourself.

Such as the case when considering who to appoint as an executor or trustee, careful consideration should be given to who will be appointed as an agent under a Durable Power of Attorney, as the dangers of granting such broad authority are obvious.  One of the more common wrongs is that of embezzlement, because of the fact that it is relatively easy to convert funds.  An agent should be capable, willing and trustworthy.

In Illinois, there is a Statutory Short Form Power of Attorney for Property, which includes the following powers granted to the agent:

  1. Real Estate transactions
  2. Financial institution transactions
  3. Stock and bond transactions
  4. Tangible personal property transactions
  5. Safe deposit box transactions
  6. Insurance and annuity transactions
  7. Retirement plan transactions
  8. Social Security, unemployment and military service benefits
  9. Tax matters
  10. Claims and litigations
  11. Business operations
  12. Borrowing transactions
  13. Estate transactions

With any Durable Power of Attorney for Property, certain powers can be limited or eliminated completely, by adding language to the document and by striking out certain powers and authorities.

Having a Durable Power of Attorney for Property is one way to avoid the need for a guardianship in the event an individual becomes unable or incapable to attend to his or her financial affairs, however court supervision of an agent’s activities may occur under certain circumstances.

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To schedule a free consultation regarding a Durable Power of Attorney for Property

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