What is a Specific Power of Attorney
A specific power of attorney sets restrictions on the actions your attorney in fact can take. When you hand authority to someone, you want a guarantee that your power of attorney agent will follow your terms. You don't want to hand over money to someone who might abuse their power.
With a specific power of attorney, you receive a guarantee that they will act in your best interests. They can only perform the duties you assign and they must follow your specifications when performing those duties. A specific power of attorney protects your assets.
Duties to Assign to a Specific Power of Attorney Agent
You'll find a specific power of attorney contract helps in many situations. You may be going out of town on an extended business trip and need someone to step in and handle the sale of your vehicle while you are gone. You would give your agent the authority to negotiate a selling price and collect the funds and sign the transfer of title for you.
If you are selling your home and a potential buyer enters the scene while you are away, your specific power of attorney agent could handle the sales contracts in your place. They would be restricted to your terms. Such as setting a limit for the lowest price you are willing to accept or restricting the terms you will agree to such as refusing to paying closing fees for the buyer or agreeing to chip in $1,000 for new windows.
Benefits to a Specific Power of Attorney
With a specific power of attorney, you benefit by limiting the of duties a person can perform. If the power of attorney agent is going to be paying your bills, you can limit the accounts that person has access to. You can also use a specific power of attorney agent's term as your power of attorney to a matter of weeks or months.
Unless you set a durable power of attorney, the duties of your specific power of attorney agent end if you become incapacitated. If this is the case, you should have papers giving durable power of attorney permission to someone else. This protects you if you do every become mentally or physically unable to handle your financial, legal or business responsibilities.