2023 Illinois Compiled Statutes › Chapter 755 - ESTATES › 755 ILCS 45/ - Illinois Power of Attorney Act. › Article III - Statutory Short Form Power Of Attorney For Property

(755 ILCS 45/Art. III heading)
ARTICLE III.  
		STATUTORY
SHORT FORM POWER OF ATTORNEY
FOR PROPERTY.
(755 ILCS 45/3-1) (from Ch. 110 1/2, par. 803-1)
Sec. 3-1. 
		Purpose. 
		The General Assembly finds that the public interest
requires a standardized form of power of attorney that individuals may use
to authorize an agent to act for them in dealing with their property and
financial affairs.
A short statutory form offering a set of optional powers is necessary so
that the individual may design the power of attorney best suited to his or
her needs in a simple fashion and be assured that the agent's authority
will be honored by third parties with whom the agent deals, regardless of
the physical or mental condition of the principal at the time the power
is exercised.
The General Assembly intends that when a power in substantially the form
set forth in this Act is used, third parties who rely in good faith on the
acts of the agent within the scope of the power may do so without fear of
liability to the principal.  However, this form is not meant to be
exclusive and other forms of power of attorney may be used.
(Source: P.A. 85-701.)
(755 ILCS 45/3-2) (from Ch. 110 1/2, par. 803-2)
Sec. 3-2. 
		Short Title. 
		This Article shall be known and may be cited as the
"Statutory Short Form Power of Attorney for Property Law".
(Source: P.A. 85-701.)
(755 ILCS 45/3-3) (from Ch. 110 1/2, par. 803-3)
Sec. 3-3. Statutory short form power of attorney for property.
(a) The
 form prescribed in this Section may be known as "statutory property power" and may be used
to grant an agent powers with respect to property and financial matters.
The "statutory property power" consists of the following: (1) Notice to the Individual Signing the Illinois Statutory Short Form Power of Attorney for Property; (2) Illinois Statutory Short Form Power of Attorney for Property; and (3) Notice to Agent. When a power of attorney in substantially the form prescribed in this Section is used,
including all 3 items above, with item (1), the Notice to Individual Signing the Illinois Statutory Short Form Power of Attorney for Property, on a separate sheet (coversheet) in 14-point type and
the notarized form of acknowledgment at the end, it shall have the meaning
and effect prescribed in this Act.
(b) A power of attorney shall also be deemed to be in substantially the same format as the statutory form if the explanatory language throughout the form (the language following the designation "NOTE:") is distinguished in some way from the legal paragraphs in the form, such as the use of boldface or other difference in typeface and font or point size, even if the "Notice" paragraphs at the beginning are not on a separate sheet of paper or are not in 14-point type, or if the principal's initials do not appear in the acknowledgement at the end of the "Notice" paragraphs.
The validity of a power of attorney as
meeting the requirements of a statutory property power shall not be
affected by the fact that one or more of the categories of optional powers
listed in the form are struck out or the form includes specific
limitations on or additions to the agent's powers, as permitted by the
form.  Nothing in this Article shall invalidate or bar use by the
principal of any other or different form of power of attorney for property.
Nonstatutory property powers (i) must be executed by the principal, (ii) must
designate the agent and the agent's powers, (iii) must be signed by at least one witness to the principal's signature,  and (iv) must indicate that the principal has acknowledged his or her  signature  before a notary public.  However, nonstatutory property powers need not
conform in any other respect to the statutory property power.
(c) The Notice to the Individual Signing the Illinois Statutory Short Form Power of Attorney for Property shall be substantially as follows:
"NOTICE TO THE INDIVIDUAL SIGNING THE ILLINOIS
STATUTORY SHORT FORM POWER OF ATTORNEY FOR PROPERTY.
PLEASE READ THIS NOTICE CAREFULLY. The form that you will be signing is a legal document.  It is governed by the Illinois Power of Attorney Act.  If there is anything about this form that you do not understand, you should ask a lawyer to explain it to you.
The purpose of this Power of Attorney is to give your designated "agent" broad powers to handle your financial affairs, which may include the power to pledge, sell, or dispose of any of your real or personal property, even without your consent or any advance notice to you.  When using the Statutory Short Form, you may name successor agents, but you may not name co-agents.
This form does not impose a duty upon your agent to handle your financial affairs, so it is important that you select an agent who will agree to do this for you.  It is also important to select an agent whom you trust, since you are giving that agent control over your financial assets and property.  Any agent who does act for you has a duty to act in good faith for your benefit and to use due care, competence, and diligence.  He or she must also act in accordance with the law and with the directions in this form.  Your agent must keep a record of all receipts, disbursements, and significant actions taken as your agent.
Unless you specifically limit the period of time that this Power of Attorney will be in effect, your agent may exercise the powers given to him or her throughout your lifetime, both before and after you become incapacitated.  A court, however, can take away the powers of your agent if it finds that the agent is not acting properly.  You may also revoke this Power of Attorney if you wish.
This Power
of Attorney does not authorize your agent to appear in court for you as an attorney-at-law or otherwise to engage in the practice of law unless he or she is a licensed attorney who is authorized to practice law in Illinois.
The powers you give your agent are explained more fully in Section 3-4 of the Illinois Power of Attorney Act.  This form is a part of that law. The "NOTE" paragraphs throughout this form are instructions.
You are not required to sign this Power of Attorney, but it will not take effect without your signature.  You should not sign this Power of Attorney if you do not understand everything in it, and what your agent will be able to do if you do sign it.
Please place your initials on the following line indicating that you have read this Notice: ..................... Principal's initials"
(d) The Illinois Statutory Short Form Power of Attorney for Property shall be substantially as follows:
"ILLINOIS STATUTORY SHORT FORM
POWER OF ATTORNEY FOR PROPERTY
1. I, ..............., (insert name and address of principal)
hereby revoke all prior powers of attorney for property executed by me and appoint:
..............................................................
(insert name and address of agent)
(NOTE: You may not name co-agents using this form.)
as my attorney-in-fact (my "agent") to act for me and in my name (in any
way I could act in person) with respect to the following powers, as defined
in Section 3-4 of the "Statutory Short Form Power of Attorney for Property Law"
(including all amendments), but subject to any limitations on or additions
to the specified powers inserted in paragraph 2 or 3 below:
(NOTE: You must strike out any one or more of the following categories of
powers you do not want your agent to have.  Failure to strike the title
of any category will cause the powers described in that category to be
granted to the agent.  To strike out a category you must draw a line
through the title of that category.)
(a) Real estate transactions.
(b) Financial institution transactions.
(c) Stock and bond transactions.
(d) Tangible personal property transactions.
(e) Safe deposit box transactions.
(f) Insurance and annuity transactions.
(g) Retirement plan transactions.
(h) Social Security, employment and military service benefits.
(i) Tax matters.
(j) Claims and litigation.
(k) Commodity and option transactions.
(l) Business operations.
(m) Borrowing transactions.
(n) Estate transactions.
(o) All other property  transactions.
(NOTE: Limitations on and additions to the agent's powers may be included in this power of attorney if they are specifically described below.)
2. The powers granted above shall not include the following powers or
shall be modified or limited in the following particulars:
(NOTE: Here  you may
include any specific limitations you deem appropriate, such as a
prohibition or conditions on the sale of particular stock or real estate or
special rules on borrowing by the agent.)
..............................................................
..............................................................
..............................................................
..............................................................
..............................................................
3. In addition to the powers granted above, I grant my agent the
following powers:
(NOTE: Here  you may add any other delegable powers including,
without limitation, power to make gifts, exercise powers of appointment,
name or change beneficiaries or joint tenants or revoke or amend any trust
specifically referred to below.)
..............................................................
..............................................................
..............................................................
..............................................................
..............................................................
(NOTE: Your agent will have authority to employ other persons as necessary to enable the agent to properly exercise the powers granted in this form, but your agent will have to make all discretionary decisions.  If you want to give your agent the right to delegate discretionary decision-making powers to others, you should keep paragraph 4, otherwise it should be struck out.)
4. My agent shall have the right by written instrument to delegate any
or all of the foregoing powers involving discretionary decision-making to
any person or persons whom my agent may select, but such delegation may be
amended or revoked by any agent (including any successor) named by me who
is acting under this power of attorney at the time of reference.
(NOTE: Your agent will be entitled to reimbursement for all reasonable expenses incurred in acting under this power of attorney.  Strike out paragraph 5 if you do not want your agent to also be entitled to reasonable compensation for services as agent.)
5. My agent shall be entitled to reasonable compensation for services
rendered as agent under this power of attorney.
(NOTE: This power of attorney may be amended or revoked by you at any time and in any manner.  Absent amendment or revocation, the authority granted in this power of attorney will become effective at the time this power is signed and will continue until your death, unless a limitation on the beginning date or duration is made by initialing and completing one or both of paragraphs 6 and 7:)
6. (   ) This power of attorney shall become effective on
..............................................................
(NOTE: Insert  a future date or event during your lifetime, such as a court
determination of your disability or a written determination by your physician that you are incapacitated, when you want this power to first take effect.)
7. (   ) This power of attorney shall terminate on
..............................................................
(NOTE: Insert  a future date or event, such as a court determination that you are not under a legal disability or a written determination by your physician that you are not incapacitated, if  you want this power to terminate prior to your death.)
(NOTE: If you wish to name one or more successor agents, insert the name and address of each successor agent in paragraph 8.)
8. If any agent named by me shall die, become incompetent, resign
or refuse to accept the office of agent, I name the following
(each to act alone and successively,
in the order named) as successor(s) to such agent:
..............................................................
..............................................................
For purposes of this paragraph 8, a person shall be considered to be
incompetent if and while the person is a minor or an adjudicated
incompetent or a person with a disability or the person is unable to give prompt and
intelligent consideration to business matters, as certified by a licensed physician.
(NOTE: If you wish to, you may name your agent as guardian of your estate if a court decides that one should be appointed. To do this, retain paragraph 9, and the court will appoint your agent if the court finds that this appointment will serve your best interests and welfare.  Strike out paragraph 9 if you do not want your agent to act as guardian.)
9. If a guardian of my estate (my property) is to be appointed, I
nominate the agent acting under this power of attorney as such guardian,
to serve without bond or security.
10. I am fully informed as to all the contents of this form and
understand the full import of this grant of powers to my agent.
(NOTE: This form does not authorize your agent to appear in court for you as an attorney-at-law or otherwise to engage in the practice of law unless he or she is a licensed attorney who is authorized to practice law in Illinois.)
11. The Notice to Agent is incorporated by reference and included as part of this form.
Dated: ................
Signed ...........................................
(principal)
(NOTE: This power of attorney will not be effective unless it is signed by at least one witness and your signature is notarized, using the form below.  The notary may not also sign as a witness.)
The undersigned witness certifies that ..............., known to me to be
the same person whose name is subscribed as principal to the foregoing power of
attorney, appeared before me and the notary public and acknowledged signing and
delivering the instrument as the free and voluntary act of the principal, for
the
uses and purposes therein set forth.  I believe him or her to be of sound mind
and memory. The undersigned witness also certifies that the witness is not: (a) the attending physician or mental health service provider or a relative of the physician or provider; (b) an owner, operator, or relative of an owner or operator of a health care facility in which the principal is a patient or resident; (c) a parent, sibling, descendant, or any spouse of such parent, sibling, or descendant of either the principal or any agent or successor agent under the foregoing power of attorney, whether such relationship is by blood, marriage, or adoption; or (d) an agent or successor agent under the foregoing power of attorney.
Dated: ................
..............................
       Witness
(NOTE:  Illinois requires only one witness, but other jurisdictions may require more than one witness. If you wish to have a second witness, have him or her certify and sign here:)
(Second witness) The undersigned witness certifies that ................, known to me to be the same person whose name is subscribed as principal to the foregoing power of attorney, appeared before me and the notary public and acknowledged signing and delivering the instrument as the free and voluntary act of the principal, for the uses and purposes therein set forth. I believe him or her to be of sound mind and memory. The undersigned witness also certifies that the witness is not: (a) the attending physician or mental health service provider or a relative of the physician or provider; (b) an owner, operator, or relative of an owner or operator of a health care facility in which the principal is a patient or resident; (c) a parent, sibling, descendant, or any spouse of such parent, sibling, or descendant of either the principal or any agent or successor agent under the foregoing power of attorney, whether such relationship is by blood, marriage, or adoption; or (d) an agent or successor agent under the foregoing power of attorney.
Dated: ....................... .............................. Witness
State of ............)
) SS.
County of ...........)
The undersigned, a notary public in and for the above county and state,
certifies that ......................., known to me to be the same person
whose name is subscribed as principal to the foregoing power of attorney,
appeared before me and the witness(es) ............. (and ..............)   in person and acknowledged
signing and delivering the
instrument as the free and voluntary act of the principal, for the uses and
purposes therein set forth (, and certified to the correctness of the
signature(s) of the agent(s)).
Dated: ................ 
..............................
       Notary Public
My commission expires .................
(NOTE: You may, but are not required to, request your agent and successor agents to provide specimen signatures below.  If you include specimen signatures in this power of attorney, you must complete the certification opposite the signatures of the agents.)
Specimen signatures of         I certify that the signatures
agent (and successors)         of my agent (and successors)
are genuine.
..........................     .............................
(agent)                       (principal)
..........................     .............................
(successor agent)                  (principal)
..........................     .............................
(successor agent)                  (principal)
(NOTE: The name, address, and phone number of the person preparing this form or who assisted the principal in completing this form should be inserted below.)
Name:  .......................
Address:  ....................
..............................
..............................
Phone: .................... "
(e) Notice to Agent. The following form may be known as "Notice to Agent" and shall be supplied to an agent appointed under a power of attorney for property.
"NOTICE TO AGENT
When you accept the authority granted under this power of attorney a special legal relationship, known as agency, is created between you and the principal. Agency imposes upon you duties that continue until you resign or the power of attorney is terminated or revoked.
As agent you must:
(1) do what you know the principal reasonably expects     you to do with the principal's property;
(2) act in good faith for the best interest of the     principal, using due care, competence, and diligence;
(3) keep a complete and detailed record of all     receipts, disbursements, and significant actions conducted for the principal;
(4) attempt to preserve the principal's estate plan,     to the extent actually known by the agent, if preserving the plan is consistent with the principal's best interest; and
(5) cooperate with a person who has authority to make     health care decisions for the principal to carry out the principal's reasonable expectations to the extent actually in the principal's best interest.
As agent you must not do any of the following:
(1) act so as to create a conflict of interest that     is inconsistent with the other principles in this Notice to Agent;
(2) do any act beyond the authority granted in this     power of attorney;
(3) commingle the principal's funds with your funds;
(4) borrow funds or other property from the     principal, unless otherwise authorized;
(5) continue acting on behalf of the principal if you     learn of any event that terminates this power of attorney or your authority under this power of attorney, such as the death of the principal, your legal separation from the principal, or the dissolution of your marriage to the principal.
If you have special skills or expertise, you must use those special skills and expertise when acting for the principal. You must disclose your identity as an agent whenever you act for the principal by writing or printing the name of the principal and signing your own name "as Agent" in the following manner:
"(Principal's Name) by (Your Name) as Agent"
The meaning of the powers granted to you is contained in Section 3-4 of the Illinois Power of Attorney Act, which is incorporated by reference into  the body of the power of attorney for property document.
If you violate your duties as agent or act outside the authority granted to you, you may be liable for any damages, including attorney's fees and costs, caused by your violation.
If there is anything about this document or your duties that you do not understand, you should seek legal advice from an attorney."
(f) The requirement of the signature of a witness in addition to the principal and the notary,  imposed by Public Act 91-790,  applies only to instruments executed on or after June 9, 2000 (the effective date of that Public Act).
(NOTE: This amendatory Act of the 96th General Assembly deletes provisions that referred to the one required witness as an "additional witness", and it also provides for the signature of an optional "second witness".)
(Source: P.A. 99-143, eff. 7-27-15.)
(755 ILCS 45/3-3.6)
Sec. 3-3.6. Limitations on who may witness property powers.
(a) Every property power shall bear the signature of a witness to the signing of the agency and shall be notarized.  None of the following may serve as a witness to the signing of a property power or as a notary public notarizing the property power:
(1) the attending physician or mental health service     provider of the principal, or a relative of the physician or provider;
(2) an owner, operator, or relative of an owner or     operator of a health care facility in which the principal is a patient or resident;
(3) a parent, sibling, or descendant, or the spouse     of a parent, sibling, or descendant, of either the principal or any agent or successor agent, regardless of whether the relationship is by blood, marriage, or adoption;
(4) an agent or successor agent for property.
(b) The prohibition on the operator of a health care facility from serving as a witness shall extend to directors and executive officers of an operator that is a corporate entity but not other employees of the operator.
(Source: P.A. 96-1195, eff. 7-1-11.)
(755 ILCS 45/3-4) (from Ch. 110 1/2, par. 803-4)
Sec. 3-4. Explanation of powers granted in the statutory short form power
of attorney for property.  This Section defines each category of powers
listed in the statutory short form power of attorney for property and the
effect of granting powers to an agent, and is incorporated by reference into the statutory short form. Incorporation by reference does not require physical attachment of a copy of this Section 3-4 to the statutory short form power of attorney for property.  When the title of any of the
following categories is retained (not struck out) in a statutory property
power form, the effect will be to grant the agent all of the principal's
rights, powers and discretions with respect to the types of property and
transactions covered by the retained category, subject to any limitations
on the granted powers that appear on the face of the form.  The agent will
have authority to exercise each granted power for and in the name of the
principal with respect to all of the principal's interests in every type of
property or transaction covered by the granted power at the time of
exercise, whether the principal's interests are direct or indirect, whole
or fractional, legal, equitable or contractual, as a joint tenant or tenant
in common or held in any other form; but the agent will not have power under
any of the statutory categories (a) through (o) to make gifts of the
principal's property, to exercise powers to appoint to others or to change
any beneficiary whom the principal has designated to take the principal's
interests at death under any will, trust, joint tenancy, beneficiary form
or contractual arrangement.  The agent will be under no duty to exercise
granted powers or to assume control of or responsibility for the
principal's property or affairs; but when granted powers are exercised, the
agent will be required to act in good faith for the benefit of
the principal using due care, competence, and diligence in accordance with the terms of the statutory property power
and will be liable for negligent exercise.  The agent may act in person or
through others reasonably employed by the agent for that purpose and will
have authority to sign and deliver all instruments, negotiate and enter
into all agreements and do all other acts reasonably necessary to implement
the exercise of the powers granted to the agent.
(a) Real estate transactions.  The agent is authorized to:  buy,
sell, exchange, rent and lease real estate (which term includes, without
limitation, real estate subject to a land trust and all beneficial
interests in and powers of direction under any land trust); collect all
rent, sale proceeds and earnings from real estate; convey, assign and
accept title to real estate; grant easements, create conditions and release
rights of homestead with respect to real estate; create land trusts and
exercise all powers under land trusts; hold, possess, maintain, repair,
improve, subdivide, manage, operate and insure real estate; pay, contest,
protest and compromise real estate taxes and assessments; and, in general,
exercise all powers with respect to real estate which the principal could
if present and under no disability.
(b) Financial institution transactions.  The agent is authorized to:
 open, close, continue and control all accounts and deposits in any type of
financial institution (which term includes, without limitation, banks,
trust companies, savings and building and loan associations, credit unions
and brokerage firms); deposit in and withdraw from and write checks on any
financial institution account or deposit; and, in general, exercise all
powers with respect to financial institution transactions which the
principal could if present and under no disability. This authorization shall  also  apply  to  any  Totten  Trust,  Payable  on  Death Account, or comparable  trust  account  arrangement  where  the terms of such trust are contained  entirely  on the financial institution's signature card, insofar as  an  agent  shall be permitted to withdraw income or principal from such account,  unless  this authorization is expressly limited or withheld under paragraph  2  of the form prescribed under Section 3-3.  This authorization shall  not apply to accounts titled in the name of any trust subject to the provisions  of the Illinois Trust Code, for which specific reference to the trust and a specific grant of authority to the agent to withdraw income or  principal  from  such  trust is required pursuant to Section 2-9 of the Illinois Power of Attorney Act and subsection (n) of this Section.
(c) Stock and bond transactions.  The agent is authorized to:  buy
and sell all types of securities (which term includes, without limitation,
stocks, bonds, mutual funds and all other types of investment securities
and financial instruments); collect, hold and safekeep all dividends,
interest, earnings, proceeds of sale, distributions, shares, certificates
and other evidences of ownership paid or distributed with respect to
securities; exercise all voting rights with respect to securities in person
or by proxy, enter into voting trusts and consent to limitations on the
right to vote; and, in general, exercise all powers with respect to
securities which the principal could if present and under no disability.
(d) Tangible personal property transactions.  The agent is
authorized to: buy and sell, lease, exchange, collect, possess and take
title to all tangible personal property; move, store, ship, restore,
maintain, repair, improve, manage, preserve, insure and safekeep tangible
personal property; and, in general, exercise all powers with respect to
tangible personal property which the principal could if present and under no disability.
(e) Safe deposit box transactions.  The agent is authorized to:
open, continue and have access to all safe deposit boxes; sign, renew,
release or terminate any safe deposit contract; drill or surrender any safe
deposit box; and, in general, exercise all powers with respect to safe
deposit matters which the principal could if present and under no disability.
(f) Insurance and annuity transactions.  The agent is authorized to:
procure, acquire, continue, renew, terminate or otherwise deal with any
type of insurance or annuity contract (which terms include, without
limitation, life, accident, health, disability, automobile casualty,
property or liability insurance); pay premiums or assessments on or
surrender and collect all distributions, proceeds or benefits payable under
any insurance or annuity contract; and, in general, exercise all powers
with respect to insurance and annuity contracts which the principal could
if present and under no disability.
(g) Retirement plan transactions.  The agent is authorized to:
contribute to, withdraw from and deposit funds in any type of retirement
plan (which term includes, without limitation, any tax qualified or
nonqualified pension, profit sharing, stock bonus, employee savings and
other retirement plan, individual retirement account, deferred compensation
plan and any other type of employee benefit plan); select and change
payment options for the principal under any retirement plan; make rollover
contributions from any retirement plan to other retirement plans or
individual retirement accounts; exercise all investment powers available
under any type of self-directed retirement plan; and, in general, exercise
all powers with respect to retirement plans and retirement plan account
balances which the principal could if present and under no disability.
(h) Social Security, unemployment and military service benefits.
The agent is authorized to: prepare, sign and file any claim or application
for Social Security, unemployment or military service benefits; sue for,
settle or abandon any claims to any benefit or assistance under any
federal, state, local or foreign statute or regulation; control, deposit to
any account, collect, receipt for, and take title to and hold all benefits
under any Social Security, unemployment, military service or other state,
federal, local or foreign statute or regulation; and, in general, exercise
all powers with respect to Social Security, unemployment, military service
and governmental benefits which the principal could if present and under no disability.
(i) Tax matters.  The agent is authorized to: sign, verify and file
all the principal's federal, state and local income, gift, estate, property
and other tax returns, including joint returns and declarations of
estimated tax; pay all taxes; claim, sue for and receive all tax refunds;
examine and copy all the principal's tax returns and records; represent the
principal before any federal, state or local revenue agency or taxing body
and sign and deliver all tax powers of attorney on behalf of the principal
that may be necessary for such purposes; waive rights and sign all
documents on behalf of the principal as required to settle, pay and
determine all tax liabilities; and, in general, exercise all powers with
respect to tax matters which the principal could if present and under no disability.
(j) Claims and litigation.  The agent is authorized to:  institute,
prosecute, defend, abandon, compromise, arbitrate, settle and dispose of
any claim in favor of or against the principal or any property interests of
the principal; collect and receipt for any claim or settlement proceeds and
waive or release all rights of the principal; employ attorneys and others
and enter into contingency agreements and other contracts as necessary in
connection with litigation; and, in general, exercise all powers with
respect to claims and litigation which the principal could if present and
under no disability. The statutory short form power
of attorney for property does not authorize the agent to appear in court or any tribunal as an attorney-at-law for the principal or otherwise to engage in the practice of law without being a licensed attorney who is authorized to practice law in Illinois under applicable Illinois Supreme Court Rules.
(k) Commodity and option transactions.  The agent is authorized to:
buy, sell, exchange, assign, convey, settle and exercise commodities
futures contracts and call and put options on stocks and stock indices
traded on a regulated options exchange and collect and receipt for all
proceeds of any such transactions; establish or continue option accounts
for the principal with any securities or futures broker; and, in general,
exercise all powers with respect to commodities and options which the
principal could if present and under no disability.
(l) Business operations.  The agent is authorized to:  organize or
continue and conduct any business (which term includes, without limitation,
any farming, manufacturing, service, mining, retailing or other type of
business operation) in any form, whether as a proprietorship, joint
venture, partnership, corporation, trust or other legal entity; operate,
buy, sell, expand, contract, terminate or liquidate any business; direct,
control, supervise, manage or participate in the operation of any business
and engage, compensate and discharge business managers, employees, agents,
attorneys, accountants and consultants; and, in general, exercise all
powers with respect to business interests and operations which the principal
could if present and under no disability.
(m) Borrowing transactions.  The agent is authorized to: borrow
money; mortgage or pledge any real estate or tangible or intangible
personal property as security for such purposes; sign, renew, extend, pay
and satisfy any notes or other forms of obligation; and, in general,
exercise all powers with respect to secured and unsecured borrowing which
the principal could if present and under no disability.
(n) Estate transactions.  The agent is authorized to:  accept,
receipt for, exercise, release, reject, renounce, assign, disclaim, demand,
sue for, claim and recover any legacy, bequest, devise, gift or other
property interest or payment due or payable to or for the principal; assert
any interest in and exercise any power over any trust, estate or property
subject to fiduciary control; establish a revocable trust solely for the
benefit of the principal that terminates at the death of the principal and
is then distributable to the legal representative of the estate of the
principal; and, in general, exercise all powers with respect to estates and
trusts which the principal could if present and under no disability;
provided, however, that the agent may not make or change a will and may not
revoke or amend a trust revocable or amendable by the principal or require
the trustee of any trust for the benefit of the principal to pay income or
principal to the agent unless specific authority to that end is given, and
specific reference to the trust is made, in the statutory property power form.
(o) All other property transactions.  The agent is
authorized to: exercise all possible authority of the principal with respect
to all possible types of property and interests in property, except to the
extent limited in subsections (a) through (n) of this Section 3-4 and to the extent that the principal otherwise limits the generality of this category (o) by striking
out one or more of categories (a) through (n) or by specifying other
limitations in the statutory property power form.
(Source: P.A. 101-48, eff. 1-1-20.)
(755 ILCS 45/3-5)
Sec. 3-5. Savings clause. This amendatory Act of the 96th General Assembly does not in any way invalidate any property power executed or any act of any agent done, or affect any claim, right, or remedy that accrued, prior to the effective date of this amendatory Act of the 96th General Assembly.
(Source: P.A. 96-1195, eff. 7-1-11.)