Chicago Power of Attorney Services for Property
The Durable Power of Attorney for Property is relatively simple. It allows you to select a trusted agent to handle your financial transactions during any period of your disability or incompetence without the necessity of anyone petitioning the probate court for formal guardianship of your estate.
Durable Powers of Attorney for Property are durable because they survive your subsequent incapacity, as opposed to regular powers of attorney, like one you would give to someone to sign your name at a house closing that you are unable to attend. The authority given in a regular power of attorney is automatically terminated upon incapacity.
The purpose of a Durable Power of Attorney for Property is to survive your incapacity and allow your agent (a.k.a proxy) to sign your name to business transactions, such as paying your bills, without the need for a court order. Your Durable Power of Attorney for Property can become effective immediately; or, in many cases, it is a springing power that only goes into effect at some later time. One example of a springing power: “This Power of Attorney shall become effective when a majority of my wife and adult children certify in writing along with my attending physician who has personally examined me, that in their judgment I am unable properly to manage my financial affairs due to mental or physical disabilities.” For any power of attorney to be official, whether or not it is durable, you must sign it while you are competent. In most jurisdictions, it must also be notarized, which means that a notary must be present to attest to your signature as the principal. In Illinois an independent witness must also attest to your signature.
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