A resident might want to enact a power of attorney so someone else can manage their finances. A power of attorney can enable someone to pay your bills, sell or rent your property, or withdraw money from your bank account. This can come in handy, for example, if you will go on vacation for several weeks, but you need someone to oversee rentals of your property. Without the power of attorney, institutions would not allow another person to perform these transactions in your name.
To execute a power of attorney, simply obtain a form, indicate which powers you want the agent to have, and sign it in the presence of a witness. In Illinois, you must also notarize the form. You can choose for the agent to have power over many of your financial matters, or you can authorize the agent only to exercise one or two.