12.18 Assignment of Interest-Power of Attorney
(a) No distribution shall be made pursuant to an assignment or a power of attorney signed by a distributee of an estate unless the assignment or power of attorney has been filed with and approved by the court.
(b) The petition for approval shall be verified and state:
(i) the consideration paid or to be paid and fees and expenses charged or to be charged to the grantor of the power of attorney or the assignor of the assignment;
(ii) the name and address of the grantor and grantee of the power of attorney or the assignor and assignee of the assignment; and
(iii) that the power of attorney or assignment has not been revoked.
(c) Each power of attorney or assignment shall be signed and acknowledged by the grantor of the power of attorney or assignor of the assignment in accordance with the Illinois Uniform Recognition of Acknowledgments Act.
(d) If the court does not approve the power of attorney or assignment, the representative shall make distribution directly to the grantor of the power of attorney or the assignor of the assignment.
[Amended August 8, 1996, effective September 3, 1996.]