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Power of Attorney Update

| August 03, 2012
Power of Attorney Act. Public Act 97-868 (Dillard, R-Westmont; McAsey, D-Lockport) amends this Act to exclude certain kinds of agreements from the Act’s regulation. Those excluded would be a financial institution named as an agent for any person if the agreement does not include a durable power of attorney that survives the incapacity of the principal. The amendment clarifies that this kind of agreement is not a “nonstatutory property power” subject to this Act’s provisions pertaining to statutory short form powers of attorney for property. Effective July 30, 2012.

 

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