FAQs Power of Attorney in Chicago Businesses
Creating a Power of Attorney Form: Essential for Business Protection3 min read
Creating a power of attorney (POA) form is an essential part of safeguarding a business against potential legal issues when dealing with property, money, and other assets. As a business owner in Chicago, you may have questions about what a POA is and how it can protect your business. To that end, this article will provide some key information on POAs, discuss relevant regulations and laws in Chicago, and provide resources for further information.
What is a Power of Attorney?
A power of attorney (POA) is a written authorization for another person or organization to act on behalf of the grantor (the person authorizing the action). The grantor gives another person the authority to make decisions and take actions related to assets, property, money, and other related transactions in their name.
A traditional POA only applies while the grantor is still alive. It can be revoked at any time by the grantor as long as they have the mental capacity to do so. A durable POA, however, remains in effect even if the grantor becomes incapacitated. This enables the agent chosen by the grantor to make decisions and act on their behalf even when the grantor can no longer legally do so.
What are the Regulations and Laws in Chicago?
In Chicago, POAs come under the Illinois Power of Attorney Act. Under this Act, there are specific powers granted to POAs, and limitations and duties that the Agent (the person nominated as the agent) must adhere to. Under the Illinois Power of Attorney Act, the Agent must exercise authority with the same degree of care and attention as if they were acting for themselves and must act in good faith in exercising the authority given under the POA.
The powers allowed to an Illinois POA are wide-ranging. This can include managing assets, making financial and banking decisions, entering into contracts and transactions, accessing finances and dealing with other financial matters, selling or transferring property, gifting of assets, and making medical decisions for the grantor.
There are also special provisions for POAs related to taxes, trusts, estate planning, and other financial matters. Additionally, the POA must be signed and dated in front of two witnesses and a public notary.
Where to Find Additional Resources?
If you have further questions about POA forms or laws and regulations related to them in Chicago, there are various resources to turn to. The website of the Office of the Illinois Secretary of State provides information on the laws and regulations related to POA forms in the state. The Illinois Attorney General's Office also provides general information about POAs and forms related to them.
Additionally, you may wish to consult a lawyer. A qualified lawyer can provide tailored advice about POAs and their implications in specific scenarios. This is especially important for businesses in Chicago, which have their own regulations and laws related to POAs. UpCounsel provides a network of experienced lawyers who can provide the necessary advice and guidance.
Having a power of attorney form is essential for the protection of a business. As a business in Chicago, there are specific regulations and laws regarding POAs that must be followed. This article provided some basic information about POAs and discussed relevant regulations and laws in Chicago. Finally, the article provided resources for further information.