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A Specific Power of Attorney (Limited Power of Attorney) is an important legal
document that allows or authorizes the person you name (your Agent or
"attorney-in-fact") to perform a particular transaction. The Specific Power of
Attorney would restrict the authority of the Agent to a specific situation,
limited time period or type of legal action.
Generally a Specific Power of Attorney is used for the sale of real or personal
property, but it can cover any specific situation or need that may exist.
If someone has moved out of state and wants to sell their house without
returning to the state they left just to sign the real estate documents to
close a transaction, they may grant a Specific Power of Attorney only for that
purpose.
There are two types of Specific Power of Attorney Durable and Non-Durable
Powers of Attorney.
The powers you grant in the Specific Durable Power of Attorney will remain
effective even if you become disabled or incompetent.
On the contrary, the powers you grant in the Limited Non-Durable Power of Attorney
will terminate if you become disabled or incompetent.
The Specific Power of Attorney is valid for the time period you specify, or
until you revoke this Power of Attorney.
By issuing the Specific Power of Attorney you allow another person to do almost
all legal actions that you can do yourself. The following are just a few
examples of powers you can grant to your agent:
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to buy or sell real estate;
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to make transactions with your tangible property, like household items, boats or cars;
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to sign your paychecks;
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to put and move money from/to your accounts and to make other bank transactions on your behalf;
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to borrow money at an agreeable interest rate, to add and remove from a bank vault or a deposit box;
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to make any legal claims;
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to perform custodial duties for your children, including housing and schooling decisions;
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to make decisions regarding your childrens emergency care;
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to buy, sell, enlarge, reduce, and terminate a business interest.
These powers are explained more fully in the uniform statutory form Power of Attorney act, which expressly permits the use of any other or different form of Power of Attorney.
No one can guarantee you that the Power of Attorney that you sign will not be misused. So, please be careful in choosing an agent because you will be legally responsible for the acts of your agent.
The Limited Power of Attorney must be dated and acknowledged before a notary public. Please note that some financial institutions, like banks, require that the Power of Attorney be recorded.
If there is anything about this form that you do not understand, you should ask a lawyer to explain it to you.
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Please read more related useful information:
Power of Attorney Facts
Power of Attorney News
Frequently Asked Questions
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