Most of you have probably heard about the durable power of attorney. This document is extremely powerful. It is so powerful because it basically gives the person you name as your agent the authority to do just about anything under the sun for an indefinite period of time, unless you limit the time frame (most people don’t). What is often less talked about is the limited power of attorney. Limited powers of attorney allow the person you name as your agent to do a handful of things or maybe only one thing. There are certainly situations where a limited power of attorney may be preferable to a durable. The article below gives a good discussion of how a limited power of attorney can be used.
Splitting up the authority
May 30, 2013