What Is A Limited Power of Attorney?

What Is A Limited Power of Attorney?

What Is A Limited Power of Attorney?

A limited power of attorney is used for a very specific purpose that can be clearly defined when a power of attorney is needed. The agent or attorney-in-fact that is appointed does not have control over the person's entire life, only the specified authority granted to them in the limited power of attorney. In these cases, these types of power of attorney forms are usually used for financial transactions and the sales of real estate or personal property such as motor vehicles. Again, this appointment has no control or influence over any other aspect of the person's life. They can only make decisions in a limited area and within limited parameters.

With a limited power of attorney, it can be given to a person or organization for a specific dealing. The person or organization has the authority to do what is specified in the limited power of attorney until it expires or it is revoked. The authority granted to the agent or attorney-in-fact can last as long as needed or include a specific date that it will expire. Most anything a person can do themselves can also be done through an agent or attorney-in-fact appointed in a limited power of attorney.

There are a number of reasons that a limited power of attorney may be used. However, these are not the only reasons and there are many more, as long as they are not disallowed by state law. Some of the power or authority granted to an agent or attorney-in-fact can include:

Any and all banking transactions

Safety deposit box entry

US security transactions

Debt collections

Real estate sales

Real estate management

Real estate purchases

Borrowing money

Management of a business

Government issues

Financial decision making

Gift giving and real estate planning

Buying and selling vehicles

Buying and selling of other property, such as jewelry, furniture or electronics

The signing of paychecks

Moving dealings

Shipping and storing items and goods

Custodial care of children

Child medical care

A limited power of attorney is used when a person can not take care of the business themselves. For example, when the person will be out of the country, or there are other commitments or health reasons that stop them from being able to complete the task themselves.

Giving someone limited power of attorney status is different from state to state, however it usually entails filling out a form and signing off on the document. The limited power of attorney form can also be revoked at any time and for any reason as well. The person still has complete control over their life and the status of the limited power of attorney appointment.

Choosing an agent or attorney-in-fact for a limited power of attorney should still be considered carefully to make sure that they will carry out the person's wishes correctly and will act in the best interest of the person.

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