A Limited Power of Attorney (also known as a Special Power of Attorney) is a document that allows you to give another person (called your “agent”) the power to act on your behalf in a specific situation or for a specific purpose. The agent does not have the power to do anything other then the acts you have specified in the document.
For example, you can give your agent the limited power to place assets to your living trust. This can serve to be extremely help if you are determined to be incapacitated and have forgotten to transfer an asset to your trust.
With a Power of Attorney for Finances, the agent has broad authority to act on your behalf with respect to different financial matters. But, with a Limited Power of Attorney, your agent can only act in a specific situation or for a specific purpose.
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