When is a Power of Attorney permanent? A power of attorney authorizes someone to take legal actions for another person under specific circumstances. While often a power of attorney is permanent, a limited power of attorney is designed to be temporary or for very specific situations.
A limited power of attorney (also called a specific power of attorney) allows the person who has the POA, the holder, to legally act on behalf of someone else, the principal, for a specific timeframe, scope or document.
A limited power of attorney can give someone the temporary authority to take make defined legal actions for a specific period of time. For example, parents could be out of the country for an extended period of time and authorize someone to make medical and care decisions on behalf of their young children while they are away.
A limited POA can legally authorize someone to act on another person’s behalf in a specific scope or for a specific situation. For example, an investment advisor could be given power of attorney to handle investment transactions.
A limited power of attorney can give someone the authority to sign a legal document for a specific transaction. For instance, a limited power of attorney may be used to enable a real estate agent to handle a closing on behalf of a buyer or seller who is far away.
A limited power of attorney is a legally binding document that authorizes decision making power to another person. There are online POA forms available. You should consult an experienced Power of Attorney lawyer in your state to make sure you are fully protected if you grant someone the ability to make legally binding decisions on your behalf.
When you work with an attorney to execute a limited power of attorney lawyer, they can explain the ramifications and advise you of the best POA to fit your needs. To talk to a Chicago attorney contact Mario Godoy at the Estate & Probate Legal Group in Lombard Illinois at (630) 382-8063.