Limited Power of Attorney vs. Specific Power of Attorney
Category : Limited Power of Attorney en | Sub Category : Specific Power of Attorney Posted on 2023-07-07 21:24:53
Limited Power of Attorney vs. Specific Power of Attorney
When it comes to granting someone else the authority to make decisions on your behalf, there are different types of power of attorney to consider. Two common forms are limited power of attorney and specific power of attorney. While they may sound similar, there are key differences between the two that are important to understand.
Limited Power of Attorney:
A limited power of attorney, also known as a special power of attorney, grants someone else the authority to make decisions or take actions on your behalf for a specific and limited purpose. This could include tasks such as selling a specific piece of property, signing documents related to a particular transaction, or handling financial matters while you are out of the country.
The scope of a limited power of attorney is clearly defined and does not extend beyond the specified tasks or period of time. Once the specified purpose has been fulfilled, the authority granted under a limited power of attorney ends automatically.
Specific Power of Attorney:
A specific power of attorney is similar to a limited power of attorney in that it grants someone else the authority to act on your behalf for a particular purpose. However, a specific power of attorney is even more narrowly tailored to address a single transaction or task.
For example, you might grant someone a specific power of attorney to sign loan documents for the purchase of a specific property on your behalf. Once that transaction is complete, the authority granted under the specific power of attorney ceases to be valid.
Key Differences:
The main difference between limited power of attorney and specific power of attorney lies in the scope of authority granted. A limited power of attorney is broader in scope and may cover multiple related tasks, while a specific power of attorney is extremely narrow in focus and typically pertains to a single transaction.
It's important to carefully consider your needs and intentions when deciding between a limited power of attorney and a specific power of attorney. Consulting with a legal professional can help you determine which type of power of attorney is best suited for your situation and ensure that your wishes are properly documented and executed.
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