Illinois General (Financial) Power of Attorney
The Illinois General (Financial) Power of Attorney represents the primary lawful means to set up a legally-binding relationship between someone who requires another party to manage their financial affairs (the Principal), and a party who consents to taking on any duties relevant to this role (the Agent). Any individual may become a Principal, so long as they are competent at the time the form is drafted, as well as at the time of its execution. It is also vital that they understand that a general type of POA will be automatically extinguished should the Principal become incapacitated.
State Laws & Signing Requirements
State Laws – Illinois Power of Attorney Act
Signing Requirements (ILCS 45/3-3) – It is mandatory in the eyes of the law all General Power of Attorney documents that are executed in the state of Illinois are:
- Signed by the Principal,
- Witnessed by at least one (1) witness,
- Acknowledged by a Notary Public.