New Power of Attorney Statutory Forms Take Effect
A number of changes to the Illinois Power of Attorney Act became effective on July 1, 2011. The changes are designed to provide greater protection to the elderly, incapacitated, and disabled persons from their agents serving under powers of attorney (POAs). There are now new statutory form POAs for property and health care, but all POAs which were validly executed prior to July 1, 2011 will remain effective.
Some notable changes are as follows:
- There are additional duties and a higher standard of care applied to the agent under a POA for property, particularly as it relates to record-keeping.
- When signed, the new statutory form POAs for property and health care automatically revoke all prior POAs for property and health care, respectively.
- The new statutory form POA for property includes a notice to the agent explaining the agent’s responsibilities.
- Definitions from the Health Care Surrogate Act are incorporated into the POA for health care.
- New court procedures and remedies are provided to protect principals from agents that breach their fiduciary duties under a POA.
Di Monte & Lizak estate planning attorneys have been incorporating the updated POAs into our estate plans in the months leading up to the effective date. If you are interested in learning more about the specifics about the changes to the Illinois Powers of Attorney Act, or any estate planning need please contact a Di Monte & Lizak estate planning attorney and we can provide you with further information.