Q: I live in Illinois If I gave someone power of attorney can they add themselves to my bank account as co-owner?
The power of attorney for property, also known as a durable power of attorney, does not authorize anyone to own your property. In fact, it does the exact opposite. The agent under the power of attorney MUST use the assets ONLY for the Principal.
B. As agent you must:
(1) do what you know the principal reasonably expects you to do with the
(2) act in good faith for the best interest of the principal, using due care,
competence, and diligence;
(3) keep a complete and detailed record of all receipts, disbursements, and
significant actions conducted for the principal;
(4) attempt to preserve the principal's estate plan, to the extent actually known
by the agent, if preserving the plan is consistent with the principal's best interest; and
(5) cooperate with a person who has authority to make health care decisions for
the principal to carry out the principal's reasonable expectations to the extent actually in the
principal's best interest.
As agent you must not do any of the following:
(1) act so as to create a conflict of interest that is inconsistent with the other
principles in this Notice to Agent;
(2) do any act beyond the authority granted in this power of attorney;
(3) commingle the principal's funds with your funds;
(4) borrow funds or other property from the principal, unless otherwise
(5) continue acting on behalf of the principal if you learn of any event that
terminates this power of attorney or your authority under this power of attorney, such as the death
of the principal, your legal separation from the principal, or the dissolution of your marriage to the
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.