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Old 04-13-2016, 10:25 AM   #21
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Originally Posted by ERD50 View Post
I'm going to question those who say an attorney is required - at least in Illinois, there is a POA form right on the illinois.gov website. Since this is provided by the State, shouldn't it be useful and accepted (assuming a non-complicated situation)?

https://www.illinois.gov/sites/gac/F...y_July2011.pdf

Relevant to some questions in this thread:

It looks pretty straightforward to me, and has explanatory NOTES along the way. Clearer than anything I've seen from a private attorney.

-ERD50
There is nothing "straightforward" in estate planning. Cut corners at your own risk. Many years ago I did exactly that and only this year while updating my estate plan (and doing it right this time by thoroughly reading/researching, obtaining counsel) did I learn had I passed away it would have resulted in a mess for my executor/heirs.
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Old 04-13-2016, 11:02 AM   #22
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Quote:
Originally Posted by Options View Post
There is nothing "straightforward" in estate planning. Cut corners at your own risk. Many years ago I did exactly that and only this year while updating my estate plan (and doing it right this time by thoroughly reading/researching, obtaining counsel) did I learn had I passed away it would have resulted in a mess for my executor/heirs.
OK, but I'm not sure that what I'm talking about, in the context of the OP's POA question, fits a description of 'cutting corners'. Yes, the overall plan needs to be looked at, but the question was about the POA specifically.

I just looked at the POA my MIL had written by a high priced fancy-$chmancy estate law firm - it is a cut-paste of the IL form I linked. That's actually a good thing IMO, I'd rather have something that has been published and reviewed, rather than some hand-crafted work by some guy, who might just do something stupid like a typo?

-ERD50
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Old 04-13-2016, 03:22 PM   #23
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Originally Posted by ERD50 View Post
OK, but I'm not sure that what I'm talking about, in the context of the OP's POA question, fits a description of 'cutting corners'. Yes, the overall plan needs to be looked at, but the question was about the POA specifically.

I just looked at the POA my MIL had written by a high priced fancy-$chmancy estate law firm - it is a cut-paste of the IL form I linked. That's actually a good thing IMO, I'd rather have something that has been published and reviewed, rather than some hand-crafted work by some guy, who might just do something stupid like a typo?

-ERD50
Well the POA has specific language granting the executor authority to act in various areas. If your financial institution doesn't recognize your POA, it can mean havoc for your executor attempting to access your assets. My bank requires my executor to deal with the bank's legal department in order to access my account upon death, even with a POD designation (although I was assured this is just a couple of days formality).

There are various types of POA's:

Types of Power of Attorney: Which POA is Right for Me? | ZING Blog by Quicken Loans

To your point, my estate plan was created according to California law (state I live in), and it really did look like a boilerplate document, even with my ability to customize what areas of authority would be granted to my executor. OTOH, upon learning the extent to which I had royally screwed up my prior trust, I'm glad I didn't take any chances this time!
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