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In contrast to the general power of attorney, a special power of attorney only grants the agent the authority to act on your behalf in a specific matter. The agent's responsibility and authority does not extend beyond this matter, as specified in the contract. These situations are as broad in scope as those which to which a general power of attorney apply, and encompass all matters legal and financial. For example, a special power of attorney allows the attorney-in-fact to act on your half in the:
purchase of real estate,
sale of real estate,
management of rental property,
management of a business interest,
hiring of professional assistance,
purchase of US or foreign securities,
sale of the same,
filing of taxes,
collection of debt,
accessing of safety deposits,
conduct of banking transactions
and so on. A special power of attorney is useful when you are unable to conduct your own legal and financial affairs, whether due to absence, injury, illness, or age.
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