Identify a true statement about a special power of attorney. Multiple choice question. It allows the agent to conduct all business for the principal. It grants the agent express authority over specifically outlined acts. It seldom terminates on the principal's death.
TAP THE CARD TO FLIP IT. - A power of attorney is a written document signed and acknowledged by one person (the principal) authorizing another person (the attorney in fact or agent) to act on their behalf. The law specifically provides that a power of attorney may confer authority upon to conduct banking transactions on behalf of the principal.
The authority of an agent under a Power of Attorney automatically ends when one of the following things happens: (1) the agent dies, (2) the agent resigns or is removed by a court, (3) the agent becomes incapacitated, or (4) the filing of a petition for dissolution of marriage if the agent is the principal's spouse unless the Power of Attorney provides otherwise.
SPECIAL POWER OF ATTORNEY ... my true and lawful attorney-in-fact ("Agent") to acfor me and int my name, place and stead to do any of the following butonly with respect to transactions iRealnvolving thProperty (as defie ned below): (a) To ask, demand, sue for, recover, collect and receive each and every sum of money, debts, accounts, ...
Because this type of power of attorney is limited to what has been laid out in the signed document, it is particularly important that the principal is very clear about the powers that they want the agent to have. Additionally, the principal may create more than one special power of attorney, naming a different individual in each one.
A power of attorney becomes ineffective if its principal dies or becomes incapacitated, meaning the principal is unable to grant such power due to an injury or mental illness. However, a special power of attorney can be made durable. A durable power of attorney is one that authorizes the agent to continue acting on behalf ...
When an individual passes away, the special power of attorney becomes void, and a last will ...
Also known as a limited power of attorney (LPOA), a special power of attorney allows an individual to give another person the ability to make certain legal or financial decisions on their behalf.
The agent can act on behalf of the principal only under specific, clearly defined circumstances. A general power of attorney is broader, giving the agent the ability to make all legal and financial decisions on behalf of the principal.