As an agent for someone under a Power of Attorney in Illinois, you are generally entitled to collect a fee for the services that you provide. Managing someone’s assets when they have trouble managing them on their own can be an expensive and time consuming job, dealing with bank accounts, investments, different types of property, taxes, and more.
But what happens when the principal (the person for whom you are acting as Power of Attorney) dies? How do you get paid for your services or reimbursed for expenses you have paid. In Illinois, the death of the principal terminates your power to act as their agent. You no longer have access to their bank accounts or other assets and are no longer able to collect the fees you earned while they were alive.
The short answer? You need to file a claim against your late principal’s estate. This claim must be in writing and must properly notify the executor or administrator of the estate that you are seeking compensation for your services or expenditures incurred acting as the agent under a Power of Attorney during the lifetime of the decedent. Included in this notification should also be a statement showing the amount of fees you are owed along with whatever documentation you have to support the calculation of that amount—past payments, any agreement as to fees, the actual Power of Attorney and any other documents you may have.
Be aware however, that there are strict, and short, deadlines by when you must file your claim. The claim must be filed either within six months following the publication of the death, or within two years after the death occurred, whichever is shorter.
Once you have filed a claim against the estate, the representative of the estate will take it from there to ensure that the claims are paid out in the manner required by Illinois law. In order to ensure that this process goes as smoothly as possible, attorneys such as our team at Storm and Piscopo. P.C. are prepared to help at every step of the way.