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A Limited Power of Attorney allows an appointed representative to perform specified duties in standing for the main client. Limited Power of Attorney is often used in real estate purchases, financial transactions (Financial Power of Attorney) or medial decisions.
A Limited Power of Attorney permits an appointed representative to handle only a specified matter.
Limited Power of Attorney is also referred to as Special Power of Attorney.
There are two predominant legal considerations pertaining to Limited Power of Attorney.
The first is deciding the range of the agent’s abilities. Since the intent of a Limited Power of Attorney is narrow, it is important that its duties are explained thoroughly. Ambiguous or unclear content can widen or restrict a representative’s abilities thwarting the main clients’ intentions.
The second is selecting the representative or Attorney-in-Fact. The representative or Attorney-in-Fact can be a relative, business associate or trusted friend. The representative is a fiduciary for the client. Because of the entrusted relationship the law requires the representative to act in the best interest of the client.
In a situation where the representative is not performing their fiduciary duties, legal action is essential to revoke the Limited Power of Attorney.
The formation stage of Limited Power of Attorney documents is significant in deciding how a client’s interests are executed in the range that has been allotted. Any errors in the formation stage of a Limited Power of Attorney can allow actions taken that the Grantor does not intend.
Situations that might contain controversial actions increase the possibility of contest. If a grantor wishes to decrease the possibility of contest, a lawyer can assist in the creation of a Limited Power of Attorney which addresses any capacity issues.
An experienced attorney can assist you in composing or changing a Limited Power of Attorney, which includes a complete and comprehensive scope of duties and can help you select the proper representative(s).
There are times when a Limited Power of Attorney is made for a family member that is fraudulently based. A lawyer can assist in voiding the Power of Attorney or legally contesting the action.
To find an experienced Limited Power of Attorney Lawyer, contact Attorney Search Network. We can help you find a local and experienced lawyer who will help your case.
If you have any questions about the information provided above, please contact us. Call us toll free at (800) 215-1190 or fill out out online form for your Wills and Estate Planning lawyer referral.