FREQUENTLY ASKED QUESTIONS
ILLINOIS SHORT FORM POWER OF ATTORNEY FOR PROPERTY
Yorkville and Oswego Power of Attorney for Property Lawyer
Illinois Short Form Power of Attorney Law Firm
- Who should have an Illinois Power of Attorney for Property?
The simple answer is everybody should have a power of attorney for property. A Power of Attorney for Property appoints a person who is called an agent to make decisions regarding your finances. The Power of Attorney for Property becomes effective upon an event that you specify such as your inability to make financial decisions for yourself.
- What is the Purpose of an Illinois Power of Attorney for Property?
For residents near Oswego, Plano, Aurora, Montgomery, and Yorkville, the purpose of an Illinois Short Form Power of Attorney for Property is to appoint a person to make financial decisions for you when you are incapable to making these decisions for yourself. Generally, a person will appoint a person to manage their finances in the event of an accident, their diminished mental capacity, and/or their inability to travel to the bank or pay their ordinary bills.
- Who should you appoint as an agent for you (for Power of Attorney for Property?
You should appoint somebody that you trust to be your power of attorney for property. Most people appoint a spouse, an adult child over age 18 years of age or greater, or a relative to be their power of attorney for property. You are appointing somebody to a position of authority and you should trust and respect their ability to manage money. If you know the person is incapable of managing their own money, they likely would not be a good person to manage your money. You should pick somebody that will keep good records of your financial transactions and will keep a written record of your financial transactions. You also should trust that this person understands your judgment and you should trust their financial judgment.
- What type of financial decisions will your agent make on your behalf?
Your agent will make a lot of different financial decisions involving the following:
- Ability to purchase, sale, and re-finance your property?
- Make cash deposits and withdrawals from your bank
- Make stock withdrawals and sell stocks, bonds, and/or other financial transactions.
- Open or close safety deposit boxes
- Open or close bank accounts such as savings accounts, checking accounts, and certificate of deposits
- Borrow or loan money (although loan money would be highly unrecommended)
- File lawsuits or settle lawsuits
- Handle IRS and State of Illinois Department of Revenue issues such as settle tax disputes, file taxes, and/or speak with the appropriate taxing authorities
- Deposit and withdraw social security and pension checks;
- Make decisions regarding pension and retirement plans.
With an Illinois Short Form Power of Attorney for Property, the agent has the power to restrict or limit the agent’s powers. Generally, most people enable an agent to make broad financial decisions such as these above because you appoint an agent due to you trusting them and having confidence in their judgment.
- When should a Power of Attorney for Property become effective?
Generally, we recommend that an Illinois Short Form Power of Attorney for Property become effective upon an event such as a letter from a physician stating that you lacked the ability to understand the financial consequences of your decisions. In the alternative, your relative may be having trouble with mobility and may want to appoint a spouse or an adult child to make financial decisions for themselves effective immediately. Simply put, it depends on what your goal is. Robertson Legal Group, LLC and Sean Robertson can assist residents of Yorkville and Oswego and Kendall County with their Illinois Short Form Power of Attorney for Property decisions. We help people that reside near Aurora, Montgomery, Oswego, Shorewood, Plainfield, Joliet, Plano, Yorkville, Bristol, and Newark Il.
Robertson Legal Group, LLC has offices in Kendall County and can be reached at 630-882-9117.