Power of Attorney
Help with your Power of Attorney in Scottsdale, AZ
A Power of Attorney (“POA”), also known as a General Power of Attorney, is a legal document that authorizes someone to act on your behalf in case you are unwilling, unable, unavailable, or incapable of acting on your own. A POA can apply to a single transaction, a particular type of transaction, or to a wide variety of events. This same Power of Attorney can also state a particular amount of time it can be enforced for.
What is the difference between a General Power of Attorney and a Limited Power of Attorney?
A General Power of Attorney usually allows the person appointed as the agent, also referred to as the attorney-in-fact, to act on your behalf for pretty much anything. This assigned person is allowed to do everything from sell real estate to manage bank accounts.
A Limited Power of Attorney gives a person, or attorney-in-fact, the ability to act on your behalf for a specific transaction. Limited POAs usually have an expiration date. An example of a Limited POA would be if you’re out of town when your car sells. The person of your choosing in the document is given permission to sign the Title and legally sign the Bill of Sale; a limited scope of authority. This Limited POA will have details specified to the particular transaction you are giving them authority over for a certain length of time.
Our Scottsdale law firm can help you set up a Limited Power of Attorney as part of, or separate from, your Estate Plan portfolio. Contact Magellan Law to set up a personal and confidential consultation.