What is a Power of Attorney for Property in Illinois?

An Illinois Power of Attorney for Property is a document that allows you to name someone (an Agent) to make financial decisions on your behalf when you are unable to do so. Thus, in the event that you become mentally incapacitated, your Agent can make decisions for you (assuming you have a Durable Power of Attorney).

Because a Power of Attorney for Property gives such important power to your Agent, it is important to name someone whom you can trust with your finances when you are unable to manage them yourself. Thus, it is common for people to name their spouse, a close relative, or a friend to serve as the Agent.

Why is an Illinois Power of Attorney for Property important to have?

In Illinois, a Power of Attorney for Property is important to have because it gives you the power to name an Agent of your own choosing. In the absence of a Power of Attorney for Property, a guardianship would be needed to protect your estate. And in a guardianship estate, a guardianship court will appoint someone, known as a Guardian, to make financial decisions for you. This Guardian would be appointed by a judge in the guardianship court of your local county. However, if you have the foresight to make a Power of Attorney for Property in advance of any mental incapacity, an Illinois guardianship can typically be avoided.

A Power of Attorney for Property is also important to have because it allows you to state the specific powers you desire for your Agent to have. This allows you to clearly state to your Agent the kinds of transactions and specific authority you would desire for him/her to have over your property.

Who should be your Agent for a Power of Attorney for Property in Illinois?

One of the most important decisions related to Powers of Attorney for Property in Illinois is who to name as your Agent. In order to help you make this decision, here is a list of questions to consider:

Do you share the same core financial values as your named Agent?
Does your named Agent have experience or expertise with managing finances and making major financial decisions?
Would your named Agent be available to oversee your finances for an extended period of time if you were to become mentally incompetent for the rest of your life?
Is your named Agent a trustworthy person?

By giving some thought to these questions, you will be able to have a better understanding regarding who to name as your Agent.