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No, Illinois law does not require residents to create or execute a Power of Attorney for Property. However, if you do choose to sign one, you do not lose any of your rights to manage your own financial affairs while you have the capacity to do so. Further, you can amend or revoke your Power of Attorney for Property at any time, as long as you have the mental capacity to do so. You can also place an expiration date on it if you anticipate that your incapacity may last only a short time.
Schening & Dopke Law, LLC is located in South Elgin, IL and serves clients throughout Kane, DuPage, DeKalb and Cook Counties and the surrounding areas.
