An Illinois general power of attorney (GPOA) is a legal document that allows an individual to delegate authority to another person or agent to oversee the principal’s financial affairs, including handling bank transactions, investment decisions, bill payments, and other monetary matters. This non-durable form becomes void if the principal becomes incapacitated or unable to make decisions, while a durable power of attorney remains effective.
This document is often suitable for specific transactions or short-term needs, offering limited authorization for a temporary period and ensuring compliance with state regulations.
Authority (755 ILCS 45/3-4) – When the categories of powers in the form are retained, it grants the agent all rights, powers, and discretions related to those specific types of transactions, as long as no limitations appear on the form itself. The agent must act in good faith, exercising due care, competence, and diligence as required by the statutory property power.
Signing Requirements (755 ILCS 45/3-3) – A notary public is required to acknowledge the principal’s signature, witnessed by at least one person.
Presumption of Durability (755 ILCS 45/2-5) – Yes, in Illinois, a power of attorney is considered durable and remains in effect until the principal’s death unless a specific termination date is stated.