This General Durable Power of Attorney for Property and Finances Effective upon Disability form is a general, durable power of attorney which is effective ONLY upon the principal's disability, incompetency or incapacity. You can use this form to appoint an attorney-in-fact (agent) to make decisions regarding property, financial, management, banking, business and other matters for you. The powers granted to an Agent in this Power of Attorney are very broad, but do NOT provide for health care services.
Durable Power Of Attorney For Property With Co-agents
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You cannot have more than one Agent acting at the same time. In Illinois, if you want to name more than one Agent, you must make one of them your primary Agent. If that Agent dies or can't make decisions for you, then your second Agent (the Successor Agent) would act for you.
While the Illinois Power of Attorney Act allows a Principal to appoint co-Agents (that is, two or more people who act as Agent at the same time), the short-form, fill-in-the-blank powers of attorney found in the act do not allow for that, which are discussed more below.
If power of attorney co-agents disagree on a financial decision and the principal is mentally competent and not physically incapacitated, then the principal's decision supersedes the representatives. The principal also has the authority to revoke an agent's authority.
A power of attorney can name one agent or it can require two or more agents to act together. If you are acting as a co-agent under a power of attorney, but you and your fellow agent disagree on a course of action or one party has stopped participating in decision making, what can you do?
While the Illinois Power of Attorney Act allows a Principal to appoint co-Agents (that is, two or more people who act as Agent at the same time), the short-form, fill-in-the-blank powers of attorney found in the act do not allow for that, which are discussed more below.
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This power of attorney authorizes another person (your agent) to make decisions concerning your property for you (the principal). (YOU. MAY APPOINT CO-AGENTS.UNLESS YOU PROVIDE OTHERWISE, CO-. (9) "Principal" means an individual who grants authority to an agent in a power of attorney. It is also important to select an agent whom you trust, since you are giving that agent control over your financial assets and property. Such term shall include a co- agent, successor agent, and a person to which authority is delegated. This power of attorney authorizes another person (your agent) to make decisions. The prohibition on naming coagents stated in this article only applies to the Statutory Short Form POA for Property, correct? Decisions After Completing my Power of Attorney for Finances and Property?