Limited power of attorney

By: Martin M. Shenkman, CPA, MBA, JD

A power of attorney is a document in which a person (grantor, principal) designates another person (agent) to take tax, legal, financial and other actions for him or her. If that power of attorney is broad and all encompassing it is referred to as a general power. If it is restricted so that the agent can only perform limited functions, such as a particular house closing, it is referred to as a "limited power".

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