The best way to understand POAs, and to be sure the power of attorney requirements in Illinois are satisfied, is to use the Illinois Statutory Short Form Power of Attorney for Property created by the Illinois legislature. This form may be found in the Illinois Compiled Statutes, Chapter 755, Article 45, Section 3-3. It includes instructions for each section of the form. The form lists several categories of financial transactions. Your agent will have the power to engage in all of these types of transactions unless you cross out (actually draw a line through) the ones you do not want your agent to have. You can also cross out other provisions, as indicated by the instructions. The form has space for you to fill in when the POA will become effective. Examples of two common provisions are:
For a durable POA: “This power of attorney shall be effective immediately, and shall not be affected by the subsequent incapacity of the principal.”
For a springing POA: “This power of attorney shall become effective upon the incapacity of the principal, as determined by written certification of incapacity by two physicians who have examined the principal.”
The form must be signed by the principal before at least one witness and a notary public. The witness section of the form states that certain persons may not be a witness (basically certain healthcare providers, relatives of the principal and agent, and the agent are prohibited from being witnesses). There is a place for a second witness because a second witness is required in many other states.