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What is the difference between power of attorney and limited power of attorney?
A limited power of attorney grants the representative that you choose (the agent or attorney-in-fact) the power to act on your behalf under limited circumstances. Under a general power of attorney, the agent or attorney-in-fact can do anything that you can do.
What are the limits of power of attorney?
When you give someone the POA, there are important limitations to the power the agent has. First, your agent must make decisions within the terms of the legal document and can't make decisions that break the agreement, and the agent can be held liable for any fraud or negligence.
How long is a limited power of attorney Good For?
First, the legal answer is however long you set it up to last. If you set a date for a power of attorney to lapse, then it will last until that date. If you create a general power of attorney and set no date for which it will expire, it will last until you die or become incapacitated.
How do I set up a limited power of attorney?
Download the form. In just a few minutes, you can locate appropriate power of attorney forms from reputable sources.
Appoint an agent. Your agent is the person you authorize to act on your behalf.
Draft a statement of authority.
Set time limits.
Sign and date the form.