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Why might I need a Property POA in Illinois

Why might I need a Property POA in Illinois

WHY MIGHT I NEED A PROPERTY POA IN ILLINOIS?

What is a Property POA?

A Property POA (power of attorney) is a legal form that you can use to name someone to act on your behalf with regard to property and financial matters. The person you name to act on your behalf with regard to property and financial matters is known as your “agent,” and has the authority – unless limited – to sell and transfer your property, including your real estate (your house and/ or land) and your personal property (the money in your bank accounts and your other stuff).

Why might I need a Property POA?

A Property POA (power of attorney) can be useful if you want a trusted person to be able to pay bills on your behalf from your personal bank account or if you have some other type of property that you want them to help you manage.

Basically, if you Prepare a Property POA and name a trusted person to act on your behalf in the management of your property, your trusted person will be able to sell and transfer your property on your behalf.

Both a Health Care POA and a Property POA can be modified or revoked during your lifetime.  A Propertly POA ceases to be effective on your death.  For that reason, it is not a viable estate plan in and of itself.

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Our Estate Planning attorneys serve the following counties in Illinois: Warren, Henderson, Hancock, McDonough, Knox, & Mercer, Rock Island and Peoria.

The information provided on this page and the pages associated with it are intended to provide general information. Each situation is unique, and we recommend that you Contact one of our Experienced Estate Planning Attorney if you need assistance with a particular legal matter.