Durable Limited Power of Attorney Kit
A durable limited power of attorney is a legal document which allows you to appoint someone you trust to make specific financial, legal and other business decisions on your behalf. Unlike normal powers of attorney, which automatically come to an end if you become incapacitated, a durable power continues to apply (or start to apply) during any period of incapacity.
This Durable Limited Power of Attorney Kit contains all the information and ready-to-use lawyer prepared legal forms necessary to create a durable limited power of attorney to cover almost any conceivable situation.
- Prepare a durable limited power of attorney in minutes.
- Appoint someone to manage your affairs during incapacity.
- Protect your assets and family.
- Step-by-step instructions.
- Lawyer approved.
A durable limited power of attorney for finance and property is a legal document by which you can appoint another person (usually a trusted friend, family member, colleague or adviser) to make specific business or legal decisions on your behalf.
Durable limited powers of attorney are, as the name suggests, limited in scope. They allow your agent to act as your authorized legal representative only in relation to the specific matters you specify in your power of attorney document. These matters may relate to real estate, bonds, share trading, commodity trading, operating a business, instituting of defending litigation, banking, insurance and virtually any other matter. The authority can be as precise and narrow as you wish.
Unlike ordinary powers of attorney which automatically terminate when you become incapacitated and unable to make decisions for yourself, durable powers of attorney are not affected by your incapacity. In fact, many durable limited powers of attorney only grant authority to agents when the principal (the person making the power of attorney) becomes incapacitated.
Without a valid durable limited power of attorney for finance and property, your family (even your spouse), business partners and co-owners in real estate developments may be legally helpless to deal with certain aspects of your business, property and financial affairs. If this happens, they may need to make an application to the court to have a ‘guardian’ appointed with authority to manage your financial affairs.
The court is free to appoint whomever it wishes as your legal guardian. This could either be a family member or a professional such as a lawyer (which you or your estate will have to pay for). Where a professional guardian is nominated by the court, he will not be obliged to take your wishes or those of your family or business associates into account when dealing with your affairs. In fact, he will have freedom to deal with your assets (including the freedom to sell any assets he sees fit) to discharge medical and other bills owing by you.
The best way to protect yourself and your family and assets is by having a durable limited power of attorney and appointing someone you trust to manage your affairs (in the manner you stipulate) if you become incapacitated.
Our Durable Limited Power of Attorney Kit contains all the information and ready-to-use lawyer prepared legal forms necessary to create a durable limited power of attorney to cover almost any conceivable situation. It also contains all the documents and forms necessary to revoke your power of attorney. Simply follow the instructions and you can have your durable limited power of attorney for finance and property prepared in a matter of minutes – quickly and easily.
Table of Contents
Using Self-Help Kits
What is a Power of Attorney?
Types of Powers of Attorney
Capacity to Make a Power of Attorney
What Does Being “Incapable” or “Incapacitated" Mean?
Should I Make a Power of Attorney?
What Happens Without a Power of Attorney?
What if You Think You Don’t Need a Power of Attorney?
The Relationship Between Principal and Agent
Who Can Be an Agent?
Joint or Joint and Independent Agents
Scope of an Agent’s Powers
Duties and Responsibilities of an Agent
Choosing an Agent
What Laws Govern My Power of Attorney?
Witness to a Power of Attorney
Commencement of a Power of Attorney
Filing or Recording a Power of Attorney
Revocation of a Power of Attorney
Important Points & Recommendation
Appendix 1 - Signing Instructions
Instructions for Completing the Durable General Power of Attorney
Instructions for Completing the Agent’s Acceptance of Appointment
Instructions for Completing the Notice of Revocation of a Power of Attorney
Appendix 2- Durable Limited Power of Attorney for Finance and Property Form
Appendix 3 - Agent’s Acceptance of Appointment
Appendix 4 - Notice of Revocation of a Power of Attorney
The following forms are included with this kit:-
- Durable Limited Power of Attorney Form
- Notice of Revocation of a Power of Attorney
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