Five of the Most Useful Limited Powers of Attorney

A Limited Power of Attorney (“POA”) is a legal document that appoints an agent to perform certain narrowly defined tasks. A Limited Power of Attorney differs from a General Power of Attorney because the scope is “limited” and not broad.

There are many types of Limited Powers of Attorney. Some common types that you may find useful are discussed in this article.

Financial Power of Attorney

A financial power of attorney (POA) is a legal document that allows you to appoint someone else to handle your financial affairs in the event that you are unable to do so. This could be due to illness, injury, or other incapacitation. The person you appoint is known as your “agent” or “attorney-in-fact.”

There are two main types of financial POAs: durable and non-durable. A durable POA remains in effect even if you become incapacitated, while a non-durable POA is only valid as long as you are capable of making decisions for yourself.

When you create a financial POA, you should consider who you would like to appoint as your agent. This person should be someone you trust, such as a family member or close friend. You should also consider the specific tasks that you would like your agent to be able to handle, such as managing your bank accounts, paying bills, and making investments.

It’s also important to note that a POA can also be limited, so you can give certain powers to the agent and reserve some for yourself.

Medical Power of Attorney

A medical POA is a legal document that allows you to appoint someone else to make medical decisions for you in the event that you are unable to do so. This could be due to illness, injury, or other incapacitation. The person you appoint is known as your “agent” or “health care proxy.”

When you create a medical POA, you should consider who you would like to appoint as your agent. This person should be someone you trust, such as a family member or close friend. It’s also important to have a conversation with your agent about your medical wishes and preferences, so they know what you would want in case of an emergency.

Real Estate Power of Attorney A real estate POA is a legal document that allows you to appoint someone else to handle your real estate transactions on your behalf. This can include buying and selling property, managing rental properties, and making decisions about your home. The person you appoint is known as your “agent” or “attorney-in-fact.”

When you create a real estate POA, you should consider who you would like to appoint as your agent. This person should be someone you trust, such as a family member or close friend. You should also consider the specific tasks that you would like your agent to be able to handle, such as signing documents and negotiating deals.

Minor Child Power of Attorney

A minor child POA is a legal document that allows you to appoint someone else to make decisions for your child in the event that you are unable to do so. This could be due to illness, injury, or other incapacitation. The person you appoint is known as your “agent” or “guardian.”

When you create a minor child POA, you should consider who you would like to appoint as your agent. This person should be someone you trust, such as a family member or close friend. It’s also important to have a conversation with your agent about your child’s needs and preferences, so they know what you would want in case of an emergency.

Adult Child Power of Attorney

If you have a college student or an adult child that is still a dependent, you may wish to consider having the child execute a Financial Power of Attorney and Medical Power of Attorney so that you can assist your child if necessary. Technically, if the child is over 18 years of age, the parent no longer has the authority to make decisions for the adult child, so a Power of Attorney can be quite useful, especially in the event of a crisis.

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Vehicle Power of Attorney

A vehicle POA is a legal document that allows you to appoint someone else to handle your vehicle transactions on your behalf. This can include buying and selling vehicles, registering and insuring vehicles, and making decisions about your vehicles. The person you appoint is known as your “agent” or “attorney-in-fact.”

When you create a vehicle POA, you should consider who you would like to appoint as your agent. This person should be someone you trust, such as a friend or family member.

Real Estate Power of Attorney

A real estate power of attorney (POA) is a legal document that grants another person the authority to act on your behalf in real estate transactions. This can include buying or selling property, managing rental properties, or making decisions about a property you own.

There are several reasons why someone might need to use a real estate POA. For example, if you are out of the country and need to buy or sell property, you can grant a POA to someone you trust to handle the transaction on your behalf. Additionally, if you are unable to physically attend a closing or signing due to disability or illness, a POA can allow someone else to represent you.

A real estate POA can be general or limited in scope. A general POA grants broad authority to the person you are granting the POA to, allowing them to make any real estate decisions on your behalf. A limited POA, on the other hand, grants specific authority, such as the ability to only buy or sell a specific property.

When granting a real estate POA, it is important to choose someone you trust and who has your best interests in mind. It is also important to clearly specify the scope of the POA and any limitations on the authority being granted.

It is also important to note that a real estate POA terminates upon the grantor’s death. In that case, the grantor’s last will and testament or living trust will determine who will manage the property.

A real estate power of attorney is a valuable tool that can allow you to handle real estate transactions even when you are unable to do so yourself. By granting a POA to someone you trust, you can ensure that your real estate interests are protected and that important decisions are made on your behalf. It’s a good idea to consult a lawyer before creating a real estate POA to ensure that it is legally binding and enforceable.

Conclusion

A power of attorney is referred to as a “mandate” in Louisiana. To learn from GeauxPlans more about Powers of Attorney in Louisiana, click the button below, or start your estate plan now!