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91_SB1691
LRB9110199STsb
1 AN ACT to amend the Illinois Power of Attorney Act by
2 changing Section 3-3.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Illinois Power of Attorney Act is amended
6 by changing Section 3-3 as follows:
7 (755 ILCS 45/3-3) (from Ch. 110 1/2, par. 803-3)
8 Sec. 3-3. Statutory short form power of attorney for
9 property. The following form may be known as "statutory
10 property power" and may be used to grant an agent powers with
11 respect to property and financial matters. When a power of
12 attorney in substantially the following form is used,
13 including the "notice" paragraph at the beginning in capital
14 letters and the notarized form of acknowledgment at the end,
15 it shall have the meaning and effect prescribed in this Act.
16 The validity of a power of attorney as meeting the
17 requirements of a statutory property power shall not be
18 affected by the fact that one or more of the categories of
19 optional powers listed in the form are struck out or the form
20 includes specific limitations on or additions to the agent's
21 powers, as permitted by the form. Nothing in this Article
22 shall invalidate or bar use by the principal of any other or
23 different form of power of attorney for property.
24 Nonstatutory property powers must be executed by the
25 principal and designate the agent and the agent's powers, but
26 they need not be acknowledged or conform in any other respect
27 to the statutory property power.
28 "ILLINOIS STATUTORY SHORT FORM POWER OF ATTORNEY FOR PROPERTY
29 (NOTICE: THE PURPOSE OF THIS POWER OF ATTORNEY IS TO
30 GIVE THE PERSON YOU DESIGNATE (YOUR "AGENT") BROAD POWERS TO
31 HANDLE YOUR PROPERTY, WHICH MAY INCLUDE POWERS TO PLEDGE,
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1 SELL OR OTHERWISE DISPOSE OF ANY REAL OR PERSONAL PROPERTY
2 WITHOUT ADVANCE NOTICE TO YOU OR APPROVAL BY YOU. THIS FORM
3 DOES NOT IMPOSE A DUTY ON YOUR AGENT TO EXERCISE GRANTED
4 POWERS; BUT WHEN POWERS ARE EXERCISED, YOUR AGENT WILL HAVE
5 TO USE DUE CARE TO ACT FOR YOUR BENEFIT AND IN ACCORDANCE
6 WITH THIS FORM AND KEEP A RECORD OF RECEIPTS, DISBURSEMENTS
7 AND SIGNIFICANT ACTIONS TAKEN AS AGENT. A COURT CAN TAKE
8 AWAY THE POWERS OF YOUR AGENT IF IT FINDS THE AGENT IS NOT
9 ACTING PROPERLY. YOU MAY NAME SUCCESSOR AGENTS UNDER THIS
10 FORM BUT NOT CO-AGENTS. UNLESS YOU EXPRESSLY LIMIT THE
11 DURATION OF THIS POWER IN THE MANNER PROVIDED BELOW, UNTIL
12 YOU REVOKE THIS POWER OR A COURT ACTING ON YOUR BEHALF
13 TERMINATES IT, YOUR AGENT MAY EXERCISE THE POWERS GIVEN HERE
14 THROUGHOUT YOUR LIFETIME, EVEN AFTER YOU BECOME DISABLED.
15 THE POWERS YOU GIVE YOUR AGENT ARE EXPLAINED MORE FULLY IN
16 SECTION 3-4 OF THE ILLINOIS "STATUTORY SHORT FORM POWER OF
17 ATTORNEY FOR PROPERTY LAW" OF WHICH THIS FORM IS A PART (SEE
18 THE BACK OF THIS FORM). THAT LAW EXPRESSLY PERMITS THE USE
19 OF ANY DIFFERENT FORM OF POWER OF ATTORNEY YOU MAY DESIRE.
20 IF THERE IS ANYTHING ABOUT THIS FORM THAT YOU DO NOT
21 UNDERSTAND, YOU SHOULD ASK A LAWYER TO EXPLAIN IT TO YOU.)
22 POWER OF ATTORNEY made this .... day of ....... (month)
23 ...... (year)
24 1. I, ..............., (insert name and address of
25 principal) hereby appoint:
26 .............................................................
27 (insert name and address of agent)
28 as my attorney-in-fact (my "agent") to act for me and in my
29 name (in any way I could act in person) with respect to the
30 following powers, as defined in Section 3-4 of the "Statutory
31 Short Form Power of Attorney for Property Law" (including all
32 amendments), but subject to any limitations on or additions
33 to the specified powers inserted in paragraph 2 or 3 below:
34 (YOU MUST STRIKE OUT ANY ONE OR MORE OF THE FOLLOWING
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1 CATEGORIES OF POWERS YOU DO NOT WANT YOUR AGENT TO HAVE.
2 FAILURE TO STRIKE THE TITLE OF ANY CATEGORY WILL CAUSE THE
3 POWERS DESCRIBED IN THAT CATEGORY TO BE GRANTED TO THE AGENT.
4 TO STRIKE OUT A CATEGORY YOU MUST DRAW A LINE THROUGH THE
5 TITLE OF THAT CATEGORY.)
6 (a) Real estate transactions.
7 (b) Financial institution transactions.
8 (c) Stock and bond transactions.
9 (d) Tangible personal property transactions.
10 (e) Safe deposit box transactions.
11 (f) Insurance and annuity transactions.
12 (g) Retirement plan transactions.
13 (h) Social Security, employment and military service
14 benefits.
15 (i) Tax matters.
16 (j) Claims and litigation.
17 (k) Commodity and option transactions.
18 (l) Business operations.
19 (m) Borrowing transactions.
20 (n) Estate transactions.
21 (o) All other property powers and transactions.
22 (LIMITATIONS ON AND ADDITIONS TO THE AGENT'S POWERS MAY BE
23 INCLUDED IN THIS POWER OF ATTORNEY IF THEY ARE SPECIFICALLY
24 DESCRIBED BELOW.)
25 2. The powers granted above shall not include the
26 following powers or shall be modified or limited in the
27 following particulars (here you may include any specific
28 limitations you deem appropriate, such as a prohibition or
29 conditions on the sale of particular stock or real estate or
30 special rules on borrowing by the agent):
31 .............................................................
32 .............................................................
33 .............................................................
34 .............................................................
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1 .............................................................
2 3. In addition to the powers granted above, I grant my
3 agent the following powers (here you may add any other
4 delegable powers including, without limitation, power to make
5 gifts, exercise powers of appointment, name or change
6 beneficiaries or joint tenants or revoke or amend any trust
7 specifically referred to below):
8 .............................................................
9 .............................................................
10 .............................................................
11 .............................................................
12 .............................................................
13 (YOUR AGENT WILL HAVE AUTHORITY TO EMPLOY OTHER PERSONS AS
14 NECESSARY TO ENABLE THE AGENT TO PROPERLY EXERCISE THE POWERS
15 GRANTED IN THIS FORM, BUT YOUR AGENT WILL HAVE TO MAKE ALL
16 DISCRETIONARY DECISIONS. IF YOU WANT TO GIVE YOUR AGENT THE
17 RIGHT TO DELEGATE DISCRETIONARY DECISION-MAKING POWERS TO
18 OTHERS, YOU SHOULD KEEP THE NEXT SENTENCE, OTHERWISE IT
19 SHOULD BE STRUCK OUT.)
20 4. My agent shall have the right by written instrument
21 to delegate any or all of the foregoing powers involving
22 discretionary decision-making to any person or persons whom
23 my agent may select, but such delegation may be amended or
24 revoked by any agent (including any successor) named by me
25 who is acting under this power of attorney at the time of
26 reference.
27 (YOUR AGENT WILL BE ENTITLED TO REIMBURSEMENT FOR ALL
28 REASONABLE EXPENSES INCURRED IN ACTING UNDER THIS POWER OF
29 ATTORNEY. STRIKE OUT THE NEXT SENTENCE IF YOU DO NOT WANT
30 YOUR AGENT TO ALSO BE ENTITLED TO REASONABLE COMPENSATION FOR
31 SERVICES AS AGENT.)
32 5. My agent shall be entitled to reasonable compensation
33 for services rendered as agent under this power of attorney.
34 (THIS POWER OF ATTORNEY MAY BE AMENDED OR REVOKED BY YOU AT
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1 ANY TIME AND IN ANY MANNER. ABSENT AMENDMENT OR REVOCATION,
2 THE AUTHORITY GRANTED IN THIS POWER OF ATTORNEY WILL BECOME
3 EFFECTIVE AT THE TIME THIS POWER IS SIGNED AND WILL CONTINUE
4 UNTIL YOUR DEATH UNLESS A LIMITATION ON THE BEGINNING DATE OR
5 DURATION IS MADE BY INITIALING AND COMPLETING EITHER (OR
6 BOTH) OF THE FOLLOWING:)
7 6. ( ) This power of attorney shall become effective on
8 .............................................................
9 (insert a future date or event during your lifetime, such as
10 court determination of your disability, when you want this
11 power to first take effect)
12 7. ( ) This power of attorney shall terminate on
13 .............................................................
14 (insert a future date or event, such as court determination
15 of your disability, when you want this power to terminate
16 prior to your death)
17 (IF YOU WISH TO NAME SUCCESSOR AGENTS, INSERT THE NAME(S) AND
18 ADDRESS(ES) OF SUCH SUCCESSOR(S) IN THE FOLLOWING PARAGRAPH.)
19 8. If any agent named by me shall die, become
20 incompetent, resign or refuse to accept the office of agent,
21 I name the following (each to act alone and successively, in
22 the order named) as successor(s) to such agent:
23 .............................................................
24 .............................................................
25 For purposes of this paragraph 8, a person shall be
26 considered to be incompetent if and while the person is a
27 minor or an adjudicated incompetent or disabled person or the
28 person is unable to give prompt and intelligent consideration
29 to business matters, as certified by a licensed physician.
30 (IF YOU WISH TO NAME YOUR AGENT AS GUARDIAN OF YOUR ESTATE,
31 IN THE EVENT A COURT DECIDES THAT ONE SHOULD BE APPOINTED,
32 YOU MAY, BUT ARE NOT REQUIRED TO, DO SO BY RETAINING THE
33 FOLLOWING PARAGRAPH. THE COURT WILL APPOINT YOUR AGENT IF
34 THE COURT FINDS THAT SUCH APPOINTMENT WILL SERVE YOUR BEST
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1 INTERESTS AND WELFARE. STRIKE OUT PARAGRAPH 9 IF YOU DO NOT
2 WANT YOUR AGENT TO ACT AS GUARDIAN.)
3 9. If a guardian of my estate (my property) is to be
4 appointed, I nominate the agent acting under this power of
5 attorney as such guardian, to serve without bond or security.
6 10. I am fully informed as to all the contents of this
7 form and understand the full import of this grant of powers
8 to my agent.
9 Signed ..................................................
10 (principal)
11 (YOU MAY, BUT ARE NOT REQUIRED TO, REQUEST YOUR AGENT AND
12 SUCCESSOR AGENTS TO PROVIDE SPECIMEN SIGNATURES BELOW. IF
13 YOU INCLUDE SPECIMEN SIGNATURES IN THIS POWER OF ATTORNEY,
14 YOU MUST COMPLETE THE CERTIFICATION OPPOSITE THE SIGNATURES
15 OF THE AGENTS.)
16 Specimen signatures of I certify that the signatures
17 agent (and successors) of my agent (and successors)
18 are correct.
19 .......................... .............................
20 (agent) (principal)
21 .......................... .............................
22 (successor agent) (principal)
23 .......................... .............................
24 (successor agent) (principal)
25 (THIS POWER OF ATTORNEY WILL NOT BE EFFECTIVE UNLESS IT IS
26 NOTARIZED AND SIGNED BY AT LEAST ONE ADDITIONAL WITNESS,
27 USING THE FORM BELOW.)
28 State of ............)
29 ) SS.
30 County of ...........)
31 The undersigned, a notary public in and for the above
32 county and state, certifies that .......................,
33 known to me to be the same person whose name is subscribed as
34 principal to the foregoing power of attorney, appeared before
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1 me and the additional witness in person and acknowledged
2 signing and delivering the instrument as the free and
3 voluntary act of the principal, for the uses and purposes
4 therein set forth (, and certified to the correctness of the
5 signature(s) of the agent(s)).
6 Dated: ................ (SEAL)
7 ..............................
8 Notary Public
9 My commission expires .................
10 The undersigned witness certifies that
11 .....................known to me to be the same person
12 whose name is subscribed as principal to the foregoing
13 power of attorney, appeared before me and the notary public
14 and acknowledged signing and delivering the instrument as
15 the free and voluntary act of the principal, for the uses
16 and purposes therein set forth. I believe him or her to be
17 of sound mind and memory.
18 Dated:........................(SEAL)
19 .....................................
20 Witness
21 (THE NAME AND ADDRESS OF THE PERSON PREPARING THIS FORM
22 SHOULD BE INSERTED IF THE AGENT WILL HAVE POWER TO CONVEY ANY
23 INTEREST IN REAL ESTATE.)
24 This document was prepared by:
25 .............................................................
26 ............................................................"
27 (Source: P.A. 86-736.)
28 Section 99. Effective date. The amendments made by
29 Section 5 shall be effective with respect to powers of
30 attorney made on or after the date of enactment of this Act.