Topic: Power of Attorney
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We have a deposit account managed by our trust department that lists our bank as agent under a power of attorney. Can a bank with trust powers serve under a power of attorney for the account? If so, how should the account be titled?
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Yes, a bank may serve as an agent for a deposit account under a power of attorney for property — provided that the power of attorney (POA) document includes the power to execute financial institution transactions. We note that in a 1991 Interpretive Letter, the Office of the Commissioner of Savings and Residential Finance (now…
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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…
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Is a power of attorney still effective if the principal’s address has changed from what is listed on the power of attorney document?
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Yes, the power of attorney is still valid. The Illinois Power of Attorney Act provides that a power of attorney continues to be effective until the principal dies or the power of attorney specifies an earlier termination date. We do not believe that the principal’s change of address would affect the validity of the power…
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We would like to adopt a Certification of Authority form to use when customers present a Power of Attorney form, as well as a Revocation form to ensure that there are no other powers of attorney in effect at the time. Can you review and approve our proposed forms?
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We are not able to provide any legal advice or approve your institution’s forms, but we can provide guidance on the existing statutory forms and requirements in the Illinois Power of Attorney Act. Your “Certification and Acceptance of Authority” forms appear to match the statutory form in the Act, 755 ILCS 45/2-8. However, the Act…