Yes, we believe an agent with a valid POA that has been granted the authority to make financial institution transactions may add themselves as a joint owner on the principal’s account.

The Illinois Statutory Short Form Power of Attorney for Property includes the power to make “financial institution transactions” in line item (b) — provided that item (b) has not been crossed out on the POA document signed by your customer. An agent who has been granted this power may “exercise all powers with respect to financial institution transactions which the principal could if present and under no disability.” This includes adding a second owner to an account.

For resources related to our guidance, please see:

• Illinois Power of Attorney Act, 755 ILCS 45/3-4(b) (“Financial institution transactions. The agent is authorized to: open, close, continue and control all accounts and deposits in any type of financial institution (which term includes, without limitation, banks, trust companies, savings and building and loan associations, credit unions and brokerage firms); deposit in and withdraw from and write checks on any financial institution account or deposit; and, in general, exercise all powers with respect to financial institution transactions which the principal could if present and under no disability.”)