HB3886 Summary

• Creates the Uniform Power of Attorney Act establishing comprehensive rules for powers of attorney in Illinois, including when they take effect, agent duties, and specific authority grants

• Makes all powers of attorney durable by default (surviving principal's incapacity) unless expressly stated otherwise; applies to property transactions, business operations, insurance, estates, trusts, litigation, and tax matters

• Requires powers of attorney to be signed by principal or another person in principal's presence directed to sign; signature presumed genuine if acknowledged before notary public

• Grants agents general authority over specified property and financial matters (real property, stocks, bank accounts, retirement plans, etc.) only if power of attorney expressly authorizes such authority, with specific restrictions on non-related agents creating interests for themselves

• Includes statutory form power of attorney and repeals Articles II and III of the existing Illinois Power of Attorney Act; effective immediately upon enactment