A special power of attorney allows you to give only specific powers to the person or organization you appoint as your “Agent.” For example, you could authorize someone to sell a car or a house for you.
Many people use the special power of attorney to authorize their Agent to do one or several of the following:
- Handle banking transactions
- Enter safety deposit boxes
- Handle transactions involving U.S. securities
- Collect debts
- Sell real estate
- Mortgage real estate
- Manage real estate
- Sell personal property
- Borrow money
- Manage business interests
- Handle government issues
- Make financial decisions
- Make estate planning decisions, including gifts
A special power of attorney is often used to allow your Agent to handle specific situations for you when you are unavailable or unable to do so. For example, you may be traveling outside the state or country, or you may be unable to handle a specific situation because of other commitments, or health reasons.