Overview

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, shares and commodity trading, operating a business, instituting of defending litigation, banking, insurance and virtually any other matter.

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.

If you fail to make 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 power of attorney for finance and property prepared in a matter of minutes - quickly and easily!

Forms Included in the Kit

The following forms are included with this kit:-

• Durable Limited Power of Attorney Form
• Notice of Revocation of a Power of Attorney