The two main types of powers of attorney in Illinois are the power of attorney for health care and the power of attorney for property. There are several types of powers of attorney for property you should be aware of.
Durable power of attorney
A durable power of attorney remains effective when the agent becomes incapacitated. In Illinois, powers of attorney are durable unless they state that they terminate when the principal is incapacitated.
Nondurable power of attorney
Unlike the durable power of attorney, the nondurable power of attorney terminates when the agent is incapacitated. If you want a nondurable power of attorney for property, you should include a statement that it will be terminated when you become incapacitated.
Springing power of attorney
A springing power of attorney does not become effective until a later date or when a specific event, like incapacity, happens.
Be careful using a springing power of attorney for incapacity. Your agent should be able to act immediately when you are incapacitated, so they can pay your bills and take care of your property. Determining incapacity can take time and prevent them from having immediate authority to act. Businesses and banks also may be reluctant to accept your agent’s authority without conclusive proof you are incapacitated.
Limited or special power of attorney
A limited or special power of attorney gives limited authority to an agent. You may want to use this type if you want to give an agent with expertise the power to negotiate a specific deal, such as selling your house or managing your property.