The law governing POAs—both financial and medical—is found in the Illinois Compiled Statutes, Chapter 755, Article 45, known as the “Illinois Power of Attorney Act.” The basic requirements for a power of attorney in Illinois for financial matters are that it must:
Designate the agent and the agent's powers
Be properly signed (executed) by the principal
Be signed by at least one witness to the principal's signature
Indicate that the principal has acknowledged his or her signature before a notary public (the notary public may not also be the witness)
For both financial and healthcare POAs, agents and witnesses must be at least 18 years of age. There are limitations as to who may be a witness.