Successor Agent For Power Of Attorney

State:
Illinois
Control #:
IL-P003F
Format:
Word; 
Rich Text
Instant download

Description

This is a statutory form that is used to prove the validity of a successor agent's power to act under a power of attorney.

How to fill out Illinois Successor Agent's Certification And Acceptance Of Authority?

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FAQ

These certificates are valid for 30 days. As per a recent order of the inspector general of registration, the new rules are applicable to all POAs registered from February 4. By law, POA is not valid once the principal dies.

A successor agent is the person named to serve as a backup agent if the first person named as agent cannot serve due to death, incapacity, resignation or refusal to act. If a named individual is unable or unwilling to serve as agent, the next person in line under the document becomes the agent.

A power of attorney is an agreement between two parties: a principal and an attorney in fact. The attorney in fact need not be an attorney at law (a lawyer). A power of attorney gives the attorney in fact rights to act in the principal's place. Attorneys in fact are fiduciaries of their principals.

Usually the agent's authority expires once the act described in the letter of authorization is carried out. The power of attorney, however, is usually open-ended.

Power of attorney (POA) is a legal authorization that gives a designated person, termed the agent or attorney-in-fact, the power to act for another person, known as the principal. The agent may be given broad or limited authority to make decisions about the principal's property, finances, investments, or medical care.

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Successor Agent For Power Of Attorney