Powers of Attorney allow for someone you have specified to make decisions on your behalf during periods when you are incapacitated. For most people, a durable general power of attorney (POA) which has broad authority is the best choice. However, there are certainly situations where you may want to narrow the scope of your agent’s authority.
Here are three common Powers of Attorney that are specific to certain situations. In each case, your specified agent is limited to only the specific powers granted and nothing beyond.
Business Power of Attorney
A business POA allows business owners to specify an agent who can make decisions and enact business transactions when you are unable.
Real Estate Power of Attorney
A real estate POA grants your agent the power to purchase, sell, rent or otherwise manage real estate on your behalf.
Tax Power of Attorney
A tax POA allows your agent to manage all decisions and activities with regards to your taxes.