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What is the difference between statutory POA and durable POA?

The difference has to do with whether the powers remain effective after the onset of a disability. That is, the regular power of attorney ceases to be effective if you become disabled, whereas the \u201cdurable\u201d power of attorney continues to be effective despite your subsequent disability.

What is a Illinois statutory Short form power of attorney?

A statutory short form power of attorney for property used by an individual residing in Illinois to authorize a third party to manage the individual's property and financial matters.

What is statutory short form?

A statutory form is a form created by a government, usually designed to serve as a model form or a free form for the public. The text of the form resides within the government's statutes. For example, many states have statutory durable powers of attorney forms written into their laws.

What is a durable power of attorney in Illinois?

An Illinois durable power of attorney is a statutory form that allows a person to select someone else to act in their benefit for financial-related decision-making.

Do I need a lawyer for power of attorney in Illinois?

A power of attorney document does not have to be executed by an attorney, nor in the presence of an attorney. But consulting an attorney will ensure that process is done properly and meets all of Illinois' legal requirements.

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What is Illinois statutory Short form power of attorney for property?

The purpose of this Power of Attorney is to give your designated \u201cagent\u201d 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.

What are the 3 types of power of attorney?

AgeLab outlines very well the four types of power of attorney, each with its unique purpose: General Power of Attorney. ... Durable Power of Attorney. ... Special or Limited Power of Attorney. ... Springing Durable Power of Attorney.

What are the 3 types of power of attorney?

AgeLab outlines very well the four types of power of attorney, each with its unique purpose: General Power of Attorney. ... Durable Power of Attorney. ... Special or Limited Power of Attorney. ... Springing Durable Power of Attorney.

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