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2005 Illinois Code - 755 ILCS 45/ Illinois Power of Attorney Act. Article III - Statutory Short Form Power Of Attorney For Property

(755 ILCS 45/Art. III heading)
ARTICLE III.

STATUTORY

SHORT FORM POWER OF ATTORNEY

FOR PROPERTY.

(755 ILCS 45/3‑1) (from Ch. 110 1/2, par. 803‑1)

Sec. 3‑1.

Purpose.

The General Assembly finds that the public interest
requires a standardized form of power of attorney that individuals may use
to authorize an agent to act for them in dealing with their property and
financial affairs.

A short statutory form offering a set of optional powers is necessary so
that the individual may design the power of attorney best suited to his or
her needs in a simple fashion and be assured that the agent's authority
will be honored by third parties with whom the agent deals, regardless of
the physical or mental condition of the principal at the time the power
is exercised.

The General Assembly intends that when a power in substantially the form
set forth in this Act is used, third parties who rely in good faith on the
acts of the agent within the scope of the power may do so without fear of
liability to the principal.  However, this form is not meant to be
exclusive and other forms of power of attorney may be used.

(Source: P.A. 85‑701.)

(755 ILCS 45/3‑2) (from Ch. 110 1/2, par. 803‑2)

Sec. 3‑2.

Short Title.

This Article shall be known and may be cited as the
"Statutory Short Form Power of Attorney for Property Law".

(Source: P.A. 85‑701.)

(755 ILCS 45/3‑3) (from Ch. 110 1/2, par. 803‑3)

Sec. 3‑3.

Statutory short form power of attorney for property.

The
following form may be known as "statutory property power" and may be used
to grant an agent powers with respect to property and financial matters.
When a power of attorney in substantially the following form is used,
including the "notice" paragraph at the beginning in capital letters and
the notarized form of acknowledgment at the end, it shall have the meaning
and effect prescribed in this Act.  The validity of a power of attorney as
meeting the requirements of a statutory property power shall not be
affected by the fact that one or more of the categories of optional powers
listed in the form are struck out or the form includes specific
limitations on or additions to the agent's powers, as permitted by the
form.  Nothing in this Article shall invalidate or bar use by the
principal of any other or different form of power of attorney for property.
Nonstatutory property powers must be executed by the principal and
designate the agent and the agent's powers, but they need not be acknowledged
or
conform in any other respect to the statutory property power.

"ILLINOIS STATUTORY SHORT FORM POWER OF ATTORNEY FOR PROPERTY

(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):

..............................................................
..............................................................
..............................................................
..............................................................
..............................................................

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):

(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:

..............................................................
..............................................................

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         I certify that the signatures
agent (and successors)         of my agent (and successors)
                               are correct.
..........................     .............................
         (agent)                       (principal)
..........................     .............................
    (successor agent)                  (principal)
..........................     .............................
    (successor agent)                  (principal)

(THIS POWER OF ATTORNEY WILL NOT BE EFFECTIVE UNLESS IT IS NOTARIZED AND
SIGNED BY AT LEAST ONE ADDITIONAL WITNESS,
USING THE FORM BELOW.)

State of ............)
) SS.
County of ...........)

The undersigned, a notary public in and for the above county and state,
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 additional witness in person and acknowledged
signing and delivering the
instrument as the free and voluntary act of the principal, for the uses and
purposes therein set forth (, and certified to the correctness of the
signature(s) of the agent(s)).

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:

..............................................................

............................................................."

The requirement of the signature of an additional
witness imposed by this amendatory Act of the 91st General
Assembly applies only to instruments executed on or after
the effective date of this amendatory Act of the 91st
General Assembly.

(Source: P.A. 91‑790, eff. 6‑9‑00.)

(755 ILCS 45/3‑4)(from Ch. 110 1/2, par. 803‑4)

Sec. 3‑4.

Explanation of powers granted in the statutory short form power
of attorney for property.  This Section defines each category of powers
listed in the statutory short form power of attorney for property and the
effect of granting powers to an agent.  When the title of any of the
following categories is retained (not struck out) in a statutory property
power form, the effect will be to grant the agent all of the principal's
rights, powers and discretions with respect to the types of property and
transactions covered by the retained category, subject to any limitations
on the granted powers that appear on the face of the form.  The agent will
have authority to exercise each granted power for and in the name of the
principal with respect to all of the principal's interests in every type of
property or transaction covered by the granted power at the time of
exercise, whether the principal's interests are direct or indirect, whole
or fractional, legal, equitable or contractual, as a joint tenant or tenant
in common or held in any other form; but the agent will not have power under
any of the statutory categories (a) through (o) to make gifts of the
principal's property, to exercise powers to appoint to others or to change
any beneficiary whom the principal has designated to take the principal's
interests at death under any will, trust, joint tenancy, beneficiary form
or contractual arrangement.  The agent will be under no duty to exercise
granted powers or to assume control of or responsibility for the
principal's property or affairs; but when granted powers are exercised, the
agent will be required to use due care to act for the benefit of
the principal in accordance with the terms of the statutory property power
and will be liable for negligent exercise.  The agent may act in person or
through others reasonably employed by the agent for that purpose and will
have authority to sign and deliver all instruments, negotiate and enter
into all agreements and do all other acts reasonably necessary to implement
the exercise of the powers granted to the agent.

(a) Real estate transactions.  The agent is authorized to:  buy,
sell, exchange, rent and lease real estate (which term includes, without
limitation, real estate subject to a land trust and all beneficial
interests in and powers of direction under any land trust); collect all
rent, sale proceeds and earnings from real estate; convey, assign and
accept title to real estate; grant easements, create conditions and release
rights of homestead with respect to real estate; create land trusts and
exercise all powers under land trusts; hold, possess, maintain, repair,
improve, subdivide, manage, operate and insure real estate; pay, contest,
protest and compromise real estate taxes and assessments; and, in general,
exercise all powers with respect to real estate which the principal could
if present and under no disability.

(b) Financial institution transactions.  The agent is authorized to:
 open, close, continue and control all accounts and deposits in any type of
financial institution (which term includes, without limitation, banks,
trust companies, savings and building and loan associations, credit unions
and brokerage firms); deposit in and withdraw from and write checks on any
financial institution account or deposit; and, in general, exercise all
powers with respect to financial institution transactions which the
principal could if present and under no disability. This authorization shall  also  apply  to  any  Totten  Trust,  Payable  on  Death Account, or comparable  trust  account  arrangement  where  the terms of such trust are contained  entirely  on the financial institution's signature card, insofar as  an  agent  shall be permitted to withdraw income or principal from such account,  unless  this authorization is expressly limited or withheld under paragraph  2  of the form prescribed under Section 3‑3.  This authorization shall  not apply to accounts titled in the name of any trust subject to the provisions  of the Trusts and Trustees Act, for which specific reference to the trust and a specific grant of authority to the agent to withdraw income or  principal  from  such  trust is required pursuant to Section 2‑9 of the Illinois Power of Attorney Act and subsection (n) of this Section.

(c) Stock and bond transactions.  The agent is authorized to:  buy
and sell all types of securities (which term includes, without limitation,
stocks, bonds, mutual funds and all other types of investment securities
and financial instruments); collect, hold and safekeep all dividends,
interest, earnings, proceeds of sale, distributions, shares, certificates
and other evidences of ownership paid or distributed with respect to
securities; exercise all voting rights with respect to securities in person
or by proxy, enter into voting trusts and consent to limitations on the
right to vote; and, in general, exercise all powers with respect to
securities which the principal could if present and under no disability.

(d) Tangible personal property transactions.  The agent is
authorized to: buy and sell, lease, exchange, collect, possess and take
title to all tangible personal property; move, store, ship, restore,
maintain, repair, improve, manage, preserve, insure and safekeep tangible
personal property; and, in general, exercise all powers with respect to
tangible personal property which the principal could if present and under no disability.

(e) Safe deposit box transactions.  The agent is authorized to:
open, continue and have access to all safe deposit boxes; sign, renew,
release or terminate any safe deposit contract; drill or surrender any safe
deposit box; and, in general, exercise all powers with respect to safe
deposit matters which the principal could if present and under no disability.

(f) Insurance and annuity transactions.  The agent is authorized to:
procure, acquire, continue, renew, terminate or otherwise deal with any
type of insurance or annuity contract (which terms include, without
limitation, life, accident, health, disability, automobile casualty,
property or liability insurance); pay premiums or assessments on or
surrender and collect all distributions, proceeds or benefits payable under
any insurance or annuity contract; and, in general, exercise all powers
with respect to insurance and annuity contracts which the principal could
if present and under no disability.

(g) Retirement plan transactions.  The agent is authorized to:
contribute to, withdraw from and deposit funds in any type of retirement
plan (which term includes, without limitation, any tax qualified or
nonqualified pension, profit sharing, stock bonus, employee savings and
other retirement plan, individual retirement account, deferred compensation
plan and any other type of employee benefit plan); select and change
payment options for the principal under any retirement plan; make rollover
contributions from any retirement plan to other retirement plans or
individual retirement accounts; exercise all investment powers available
under any type of self‑directed retirement plan; and, in general, exercise
all powers with respect to retirement plans and retirement plan account
balances which the principal could if present and under no disability.

(h) Social Security, unemployment and military service benefits.
The agent is authorized to: prepare, sign and file any claim or application
for Social Security, unemployment or military service benefits; sue for,
settle or abandon any claims to any benefit or assistance under any
federal, state, local or foreign statute or regulation; control, deposit to
any account, collect, receipt for, and take title to and hold all benefits
under any Social Security, unemployment, military service or other state,
federal, local or foreign statute or regulation; and, in general, exercise
all powers with respect to Social Security, unemployment, military service
and governmental benefits which the principal could if present and under no disability.

(i) Tax matters.  The agent is authorized to: sign, verify and file
all the principal's federal, state and local income, gift, estate, property
and other tax returns, including joint returns and declarations of
estimated tax; pay all taxes; claim, sue for and receive all tax refunds;
examine and copy all the principal's tax returns and records; represent the
principal before any federal, state or local revenue agency or taxing body
and sign and deliver all tax powers of attorney on behalf of the principal
that may be necessary for such purposes; waive rights and sign all
documents on behalf of the principal as required to settle, pay and
determine all tax liabilities; and, in general, exercise all powers with
respect to tax matters which the principal could if present and under no disability.

(j) Claims and litigation.  The agent is authorized to:  institute,
prosecute, defend, abandon, compromise, arbitrate, settle and dispose of
any claim in favor of or against the principal or any property interests of
the principal; collect and receipt for any claim or settlement proceeds and
waive or release all rights of the principal; employ attorneys and others
and enter into contingency agreements and other contracts as necessary in
connection with litigation; and, in general, exercise all powers with
respect to claims and litigation which the principal could if present and
under no disability.

(k) Commodity and option transactions.  The agent is authorized to:
buy, sell, exchange, assign, convey, settle and exercise commodities
futures contracts and call and put options on stocks and stock indices
traded on a regulated options exchange and collect and receipt for all
proceeds of any such transactions; establish or continue option accounts
for the principal with any securities or futures broker; and, in general,
exercise all powers with respect to commodities and options which the
principal could if present and under no disability.

(l) Business operations.  The agent is authorized to:  organize or
continue and conduct any business (which term includes, without limitation,
any farming, manufacturing, service, mining, retailing or other type of
business operation) in any form, whether as a proprietorship, joint
venture, partnership, corporation, trust or other legal entity; operate,
buy, sell, expand, contract, terminate or liquidate any business; direct,
control, supervise, manage or participate in the operation of any business
and engage, compensate and discharge business managers, employees, agents,
attorneys, accountants and consultants; and, in general, exercise all
powers with respect to business interests and operations which the principal
could if present and under no disability.

(m) Borrowing transactions.  The agent is authorized to: borrow
money; mortgage or pledge any real estate or tangible or intangible
personal property as security for such purposes; sign, renew, extend, pay
and satisfy any notes or other forms of obligation; and, in general,
exercise all powers with respect to secured and unsecured borrowing which
the principal could if present and under no disability.

(n) Estate transactions.  The agent is authorized to:  accept,
receipt for, exercise, release, reject, renounce, assign, disclaim, demand,
sue for, claim and recover any legacy, bequest, devise, gift or other
property interest or payment due or payable to or for the principal; assert
any interest in and exercise any power over any trust, estate or property
subject to fiduciary control; establish a revocable trust solely for the
benefit of the principal that terminates at the death of the principal and
is then distributable to the legal representative of the estate of the
principal; and, in general, exercise all powers with respect to estates and
trusts which the principal could if present and under no disability;
provided, however, that the agent may not make or change a will and may not
revoke or amend a trust revocable or amendable by the principal or require
the trustee of any trust for the benefit of the principal to pay income or
principal to the agent unless specific authority to that end is given, and
specific reference to the trust is made, in the statutory property power form.

(o) All other property powers and transactions.  The agent is
authorized to: exercise all possible powers of the principal with respect
to all possible types of property and interests in property, except to the
extent the principal limits the generality of this category (o) by striking
out one or more of categories (a) through (n) or by specifying other
limitations in the statutory property power form.

(Source: P.A. 94‑938, eff. 1‑1‑07.)

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