Limited vs. General Powers of Attorney
Powers of attorney are legal documents you can utilize for any number of functions. Powers of attorney transfer to somebody else, called an attorney-in-fact or a representative, your ability to make decisions or enter into arrangements. When you appoint a power of attorney, you give your agent the right to act upon your behalf as a stand-in, and the choices your representative makes are just as lawfully binding and enforceable as if you had actually made them yourself.
However, powers of attorney are not merely a blanket declaration or decision making right. The power for your attorney-in-fact to act for you is usually divided into two fundamental classifications: restricted and general powers, each of which communicates various rights.
Limited Power of Attorney: As the name suggests, minimal powers of attorney place particular limits on the attorney-in-fact. These limits can be whatever the primary desires. A principal can, for example, grant the attorney-in-fact the right to handle her financial resources while she is on vacation or grant a broader, though still limited, capability to manage her financial resources at all times.
General Power of Attorney: A basic power of attorney, sometimes called a universal power of attorney, is a broad grant of powers by the principal, enabling the attorney-in-fact to do practically anything the principal can do. General powers of lawyer work right away, unless otherwise stated, and are very effective documents.
Even though a basic power of attorney communicates broad authority to your representative, there are still choices or actions the agent is always avoided from taking. Your representative, for instance, can not develop your last will and testimony or make any changes to the document unless you direct the representative to do so. Your agent can not vote for you for in an election or carry out particular tasks that require legal approval, such as practicing medicine for you if you are a doctor. State laws on power of attorney are various and specific, so always talk to an attorney before giving power of attorney.