“Power of Attorney for Property” refers to the legal delegation of decision-making
authority to an agent concerning financial affairs and the management of
“Power of Attorney for Property document” refers to the actual form.
What is a Power of Attorney for Property?
The Power of Attorney for Property document allows a person, called the principal,
to delegate to another person, called the agent (often a family member or trusted
friend), the power to make decisions regarding assets, finances, bank accounts, and
other types of property, including real estate. The agent, who does not need to be an
attorney, will speak for the principal and make decisions according to the principal’s
wishes even when the principal is physically or mentally incapacitated.
What are the advantages of having a Power of Attorney for
A Power of Attorney for Property is a way for you to decide in advance who will
handle your financial affairs if you are not able to act on your own in the future.
Executing this document will save your family from the burden of having to make
financial decisions without knowing your wishes. It gives you (rather than the courts)
more control over your life.
A Power of Attorney for Property is a flexible document. It helps assure that your
agent’s authority will be honored by others at the time any delegated power is
exercised. You can give either limited or broad financial decision-making authority to
your agent, depending upon your needs. For example, you may want your agent to
have the power to authorize real estate and stock transactions; to handle banking,
tax or other types of business matters; to represent you in court; or to address other
types of legal claims.
Power of Attorney for Property
State of Illinois
Illinois Department on Aging