There are basically two (2) major types of Powers of Attorney. One is called a General power, which imparts to the Attorney all the authority and responsibility of acting, as if the Attorney WAS the person who granted the power. The other one is called a Limited power of attorney. The Limited Power of Attorney can be limited in any way that the grantor wants to do so. For example, let us say that a husband and wife want to buy, or to sell, a house, and the husband (or the wife) will be out of town on business at the time of the closing. The absent spouse can execute a limited power of attorney which grants to the remaining spouse the power to sign all closing documents, and deposit any money, just as if the absent spouse was there, however, no other powers are being granted.
Answered on Oct 17th, 2012 at 1:24 PM