Effective July 1, 2011, changes in the Act create new statutory Power of Attorney (POA) forms for property and healthcare. A Power of Attorney is a legal document that gives another person (your agent) the authority to make financial and other legal decisions on your behalf.
The revised act provides more guidance to the agent in the performance of his duties. For example, the agent will now receive a notice describing his responsibilities. As before, you, the principal, must decide whether the agent is granted the power immediately or at a later time.
The property and healthcare POA forms are essential estate planning tools for adults. The forms allow your wishes for medical and financial decisions to be carried out by someone trustworthy if you were to become incapacitated.