What Is a Limited Power of Attorney?

A Limited Power of Attorney is a legally binding document that is used when an individual wants to designate certain powers to another party (agent). This allows the agent to carry out certain agreed tasks on the behalf of the principal, usually, this covers financial and property matters. It is extremely convenient as it allows someone else to sign or submit a payment on the behalf of the principal who may be ill or abroad. Alternate Names: Limited Power of Attorney Form; Special Power of Attorney; Special Power of Attorney Form. However, the exact functions that the agent may carry out need to be outlined in great detail within the document. This will prevent the exploitation of powers for personal gain. The more details provided, the less likely an individual is to try and get away with manipulating the wording in the document to carry out a task that they were not intended to do. It is also important to establish an expiry date for the document. Sometimes individuals may permit the agreed powers until their death or until they decide to revoke the agreement. In most cases, there is a fixed deadline for the legitimacy of the document and this is usually straight after the agreed deal has been completed.

How to Make a Special Power of Attorney?

Making a Special Power of Attorney Form is extremely easy and will not take up too much time. Firstly, ensure that you have carefully considered the specific powers that you want to delegate to your agent. Once you have decided on the powers, be sure to include them in specific detail to ensure that only the powers you are delegating will be used in your favor. As long as you follow the Limited Power of Attorney template below, you shouldnt have any worries with making your own form: After deciding on the powers you need to select your agent . Keep in mind that this has to be an individual that you trust for them to work in your best interests. Most of the time this is an immediate family member or close friend. Provide basic information regarding both the principal and agent . This should include their full name and contact details . Below this, write down the specific details of the delegated powers . The more details that are provided, the safer it will be for the principal. If there are any conditions regarding termination of the agreement, it should also be included in this section. If your document has an expiry date or is a one-off document required for signing a property sale for example, then you need to outline the specific dates of document validity . The form is automatically annulled in case of death. Include the appropriate state law . This should be the local state in which the principal lives in. It is the law of this state that will oversee the implementation of the document on a legal basis. At the end of the document, you should include lots of space for signatures . In some cases, the agent themselves must sign the document to confirm that they agree with being a representative and of course, the signature of the principal is also required along with the date. Then, depending on the state, there may be additional signatures required from a notary public and/or a witness. Ensure that the document is signed correctly otherwise it will hold no legal weight.

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Limited Power of Attorney Template - South Dakota

This type of form allows an individual to legally designate a third party to carry out some specific functions on their behalf in the state of South Dakota.