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Learn more about Limited Power Of Attorney

What is a Limited Power Of Attorney?

A limited Power of Attorney document grants (limited) executive powers to another person. The purpose is to give someone else the legal capacity to do business for you in case you lack expert knowledge or in case you become incapacitated. Depending on what kind of POA we’re talking about, it can give another person the legal capacity to enter into contracts, make investment decisions, file taxes, claim inheritance, manage banking, buy and sell real estate and make health decisions on your behalf. In short, if you grant a limited POA to someone, they can transact business as if they were you. That means they can create obligations for which you will be responsible. They can enter into contracts that you will have to honor. And if you don’t honor those contracts, you will be held liable.


Sources: https://wealthpilgrim.com/what-is-a-limited-power-of-attorney/

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