Overview

A Power of Attorney for Property allows a person (the “Principal”) to delegate to another person (the “Agent” or “Attorney-In-Fact”), which is often a family member or trusted friend, the power to make decisions regarding the Principal’s assets, finances, bank accounts, and other types of property, including real estate. In Illinois, it is authorized under the Illinois Power of Attorney Act (755 ILCS 45/1) and can be revoked at any time and its power automatically ends upon the death of the Principal.

The Power of Attorney for Property is a flexible document in that the Principal can limit or broaden the financial decision-making authority of the Agent. Our Power of Attorney for Property document includes special provisions which are not part of the statutory form in order to work cohesively with the Power of Attorney for Health Care, Revocable Trust and other estate planning documents and to assist with gifting (where appropriate) and transferring assets in the event of incapacity.

If an individual does not have a Power of Attorney for Property or a funded revocable trust, and then becomes incapacitated, a court proceeding may be necessary to appoint a guardian to act on his or her behalf with respect to the management of his or her property. This process can be long and expensive, especially if family members disagree as to who should be elected as guardian.