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Can the agent named in an Illinois short form Power of Attorney for Property restrict the account owner’s (the principal’s) access to the account as an alternative to petitioning a court for a guardianship? – IBA Compliance Connection

IBA Compliance Connection

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Can the agent named in an Illinois short form Power of Attorney for Property restrict the account owner’s (the principal’s) access to the account as an alternative to petitioning a court for a guardianship?

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While nothing in the Illinois Power of Attorney Act expressly prevents an agent under a Power of Attorney for Property from restricting the principal’s access to a deposit account, the principal always has the authority to revoke the power of attorney at any time if he or she wishes to access their financial accounts. Given this authority, we do not believe that the Act is intended to serve as a substitute for guardianships, and the agent may wish to seek a formal guardianship before attempting to limit your customer’s access to the account.

For resources related to our guidance, please see:

  • Illinois Power of Attorney Act, 755 ILCS 45/3-3 (The statutory short form power of attorney for property states that “this power of attorney may be amended or revoked by you at any time and in any manner.”)