New Illinois Statutory Form of Power of Attorney for Property Effective July 1, 2011

Effective July 1, 2011; the State of Illinois has a new Power of Attorney Form for Property.  The Power of Attorney for Property is a Statutory Form that provides the highest level of protection and power when seeking to be a power of attorney for property in Illinois.  Common Uses for this power of attorney is to give a child the power to manage and elderly parent's checking account.  Other uses include allowing your attorney to sign the seller's documents in a residential real estate sale transaction. 
The power of attorney has several pitfalls that one must be very careful about, - first the principal - the person giving the power of attorney must be of sound mind.  Therefore, if your parent is already suffering from Dementia and does not have a sound mind - you are already too late to use the power of attorney and need to see an attorney about opening up a guardianship.  Other special provisions that usually require the advice of an attorney are "springing powers of attorney" and effective date issues.

To download the free Power Of Attorney Form in Adobe PDF format, PLEASE CLICK HERE