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Limited Power of Attorney Template

Image 1

Created by:

​[Principal.FirstName][Principal.LastName] ​[Principal.Company]​

Prepared for:

​[Agent.FirstName][Agent.LastName][Agent.Company]​

This limited power of attorney template will allow you to create a document that you can use to delegate authority to someone else. It outlines the powers and limitations of your designated agent to make financial and legal decisions on your behalf.

I. PARTIES

BE IT ACKNOWLEDGE that I, [Principal.FirstName][Principal.LastName] (herein, the "Principal"), being of sound body and mind, do hereby appoint [Agent.FirstName][Agent.LastName] of [Agent.State], as my attorney-in-fact (herein, the "Agent") for all purposes under this limited power of attorney.

II. POWERS

Be specific with the tasks you include, such as “to sell my house located at XYZ lane, city, state, zip” or “to withdraw money from my bank account number XYZ.” You are free to insert more as needed.

The Agent shall have full power and authority to undertake only the following acts on my behalf:

  1. (insert task)

  2. (insert task)

  3. (insert task)

The authority herein shall include such incidental acts as are reasonably required to carry out and perform the specific authorities granted herein.

The Agent must keep me, the Principal, informed about any decisions made on my behalf and any communication related to those decisions. If I disagree about a decision made under this Limited Power of Attorney, I may seek legal advice from an attorney of my choice before making any further decisions under this Limited Power of Attorney.

III. EFFECTIVE DATE

This Limited Power of Attorney is exercisable for a period of (insert duration, e.g., two years) and shall become effective on (date) and shall terminate on (date).

You are free to include additional conditions of termination as needed for your specific situation.

IV. TERMINATION

This power of attorney will be terminated if:

  1. I am no longer mentally capable of making important personal decisions, legally disabled, or in the event of my death;

  2. I revoke this Limited Power of Attorney by delivering a written revocation to the agent acting under the power;

  3. The duration of this Limited Power of Attorney ends;

  4. Any other circumstance arises that would render it invalid under applicable law.

I grant my agent full authority to act in any reasonable and necessary manner to exercise the above powers. I ratify all lawfully performed acts by my agent in exercising those powers.

​

MM / DD / YYYY
Signature

​[Principal.FirstName][Principal.LastName][Principal.Company]​

​

Signature
MM / DD / YYYY

Notary Public:[Notary.FirstName][Notary. LastName][Notary.Company]

My commission expires: (date)

By accepting this appointment and acting under it, the attorney-in-fact assumes the legal responsibilities of an agent.

​

MM / DD / YYYY

​[Agent.FirstName][Agent.LastName][Agent.Company]​

Signature

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FAQ

  • The difference between limited and power of attorney is that with limited power of attorney, you grant someone the ability to act on your behalf, but they can only do so within the scope of the agreement.

    For example, if you need someone to take care of your finances while you are out of town, you might grant them limited power of attorney. That way, they can pay bills but not make any major decisions about your financial situation.

    With a general power of attorney, however, you grant someone all the rights you would have over your affairs if incapacitated.

  • A limited power of attorney is a document that allows a person to act on another’s behalf. This doesn’t give them the same rights as the person they’re representing—it only gives them limited authority to act in their name.

    For example, if you were going on vacation and wanted someone else to sign your rent check on your behalf, you could grant them a limited power of attorney over your affairs while you’re away. This means they can sign checks on your behalf while you’re gone but not make any other financial decisions.

  • The main disadvantage of power of attorney is that it can be abused by the person who has been given the power. Your agent may not always act in your best interests if something happens to you. To help prevent this from happening, you can require the agent to give you regular updates and sign a statement that they will act in your best interest.

    Another disadvantage is that some banks and institutions will not allow a power of attorney to be used for certain transactions. In addition, some companies may not accept powers of attorney as proof of identity or authority when signing documents on behalf of someone else.

  • There are three types of power of attorney:

    1. Springing Power of Attorney: This type of power of attorney automatically goes into effect during an emergency. This document allows you to appoint someone to act on your behalf when you become incapacitated, usually after a medical procedure or surgery.

    2. Durable Power of Attorney: This type of power of attorney is intended to be a long-term document and allows you to appoint someone to act on your behalf, even if you become incapacitated. This document can only be terminated if revoked or until the principal’s death.

    3. Limited Power of Attorney: This type of power of attorney allows you to appoint someone to act on your behalf for a limited period. This is most commonly used when you need someone to make decisions regarding property or finances while traveling or if you’re going out of town and want someone else to handle your business affairs while away.

  • The best type of power of attorney is tailored to the individual. You can choose from several different types, but it’s important to understand how each one works so you can choose the one that works best for your needs.

    The most common types of power of attorney are durable, springing, and limited. A durable and limited power of attorney can be revoked at any time, but a springing power of attorney does not take effect until it is needed in an emergency. You can also choose between limited and unlimited power over your affairs.

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Limited Power of Attorney Template

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With this Limited Power of Attorney Template, you may draft a letter that you can use to provide someone else authority. It specifies the rights and restrictions of your appointed agent when acting as your legal and financial representative.

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