Limited Power Of Attorney Form PDF

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Limited Power Of Attorney Template PDF Free Download

Limited Power Of Attorney

A Limited Power of Attorney (LPOA) lets you designate another person to act on your behalf in certain legal, personal or financial matters.

This document is also called a Special Power of Attorney and is typically used for one specific purpose (like real estate closings) or routine business (like giving a portfolio manager access to your account).

What’s the difference between a POA and a Limited POA?

Both documents authorize an agent that you choose to handle your legal or financial affairs, but the main difference is the scope of the agent’s powers.

A General Power of Attorney gives an agent broad powers over your affairs to act on your behalf and perform almost any legal action that you could do yourself (except what you specifically restrict them from doing in your instructions on the form).

A Limited Power of Attorney, on the other hand, grants your agent authority to perform only the specific task or set of tasks on your behalf without giving them unlimited access to your personal affairs.

For instance, an LPOA can allow someone to cash checks for you and open your safety deposit box, but that agent wouldn’t be able to withdraw money or access your finances in any other way.

How to Get Limited POA

Step 1 – Decide the Powers

Make sure to carefully word the responsibilities of the Agent to ensure that he or she has the right to act in your place for only the tasks needed.

If the task is for a one (1) time use or has a specific end date, the power of attorney should have this included.

Step 2 – Select the Agent

It’s important to choose someone that can be trusted and usually involves a family member or friend.

If the responsibility involves a higher-valued asset it’s recommended to select someone that is the beneficiary in the estate.

Step 3 – Write the POA

Use the Instructions and fill in with the agent that will be used in the document and be sure to inform them the responsibilities and terms of the document.

There should be at least two (2) copies of the form made for each of the parties.

Step 4 – Signing the Form

Sign this form falls under “financial” related use, it must be authorized in accordance with State ‘Durable’ Laws. Which usually means the form must be signed with the principal in front of a notary public, witness(es), or both.

Step 5 – Acting as an Agent

Like any other power of attorney assignment, whenever the agent uses their right to act in the presence of the principal this form must be presented to the other party. Otherwise, the agent is not legally allowed to act for the principal.

If the agent is signing a document on behalf of the principal, they must sign and then use the phrase below the signature line “Acting as POA”.

The completed and signed limited power of attorney form should always be kept in a safe and easy to access place while not in use.

Why Would Someone Need a Limited Power of Attorney?

A Limited Power of Attorney gives your agent specific authority so they can complete certain tasks for you (such as signing a contract) but don’t have too much power over your affairs.

Here are some examples of circumstances in which the document may be useful:

Aging or ill adults anticipating future challenges handling routine affairs like banking or mail

Parents who need to assign a guardian for their children for a short period of time

Businesses wishing to segment responsibility in separately structured POAs so that multiple people can carry out specific operational tasks

Real estate transactions where a real estate agent can negotiate and make offers to buy or sell a property on behalf of their client

Travelers away on an extended vacation or working abroad and wishing to appoint a trusted person to handle their basic financial matters during this time

Investing where a financial manager can make trades or investments on someone’s behalf

Tax preparation where a tax advisor can prepare and file taxes for someone

Military personnel deployed overseas seeking to manage their affairs while away from home

You may also choose to create a special power of attorney form for any minor task that requires an agent to responsibly oversee your property, such as driving your car cross-country or building on your land.

Language English
No. of Pages3
PDF Size1 MB

Limited Power Of Attorney Template PDF Free Download

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