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Durable Limited Power of Attorney (Specific or Special Power of Attorney)  

Durable Limited Power of Attorney (Specific or Special Power of Attorney)
 
  A Durable Limited Power of Attorney (Specific or Special POA) is an important legal document that allows or authorizes the person you name (your Agent, "attorney-in-fact") to perform a particular transaction. The Limited Durable Power of Attorney restricts the authority of the Agent to a specific situation, limited time period, or type of legal action.
 
Generally a Limited Power of Attorney Durable is used for the sale of real or personal property, but it can cover any specific situation or need that may exist. If you have moved out of state and want to sell your house without returning to the state you left just to sign the real estate documents to close a transaction, you may grant a Limited Power of Attorney only for that purpose.
 
The powers you grant in Limited Durable Power of Attorney will remain effective even if you become disabled or incompetent.
 
The Limited durable Power of Attorney is valid for the time period you specify in it, or until you revoke this Power of Attorney.
 
By issuing this Durable Limited Power of Attorney you allow another person to perform almost any legal action that you can do yourself. The following is an example of powers you can grant to your Agent:
  • to borrow money at an agreeable interest rate, to add and remove from a bank vault or a deposit box;
  • to put and move the money from/to your accounts and to make other bank transactions on your behalf;
  • to buy, sell, enlarge, reduce, and terminate a business interest;
  • to buy or sell real estate;
  • to make transactions with your tangible property, like household items, boats or cars;
  • to sign your paychecks;
  • to make any legal claims;
  • to perform custodial duties for your children, including housing and schooling decisions; and
  • to make decisions regarding emergency care for your children.
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 Durable 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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