Indiana Limited Power of Attorney
An Indiana limited power of attorney is a legal document completed by a resident of Indiana to assign specific, one-time tasks to someone. The person who creates the form (known as the “principal”) can set an expiration date so that the person carrying out the duties (known as the “agent”) has a deadline. Once the agent has fulfilled the requests, the form ends. Additionally, the principal can terminate the agreement at any time using an Indiana revocation form.
Signing requirements (IC 30-5-4-1): Requires notarization.
What Does Limited Power of Attorney Mean?
“Limited” power of attorney (POA) means the agent has restrictions on what they can and cannot do. They must follow the instructions provided in the form. If they do not, the agreement ends.
They last for a shorter time than other types and do not give the agent as much power. In comparison, a general POA gives the agent power to make every financial decision for the principal. A limited POA gives the agent to make one decision for the principal.
For example, a principal signs a general type for an investment manager to handle their entire portfolio. However, they use a limited type for the person to perform a one-time task relating to the portfolio.
Similarly, the form can be used for specific health-related decisions, although a medical POA is typically chosen in this situation. Like a durable POA, a medical POA gives the agent authority even if the principal is unable to make competent decisions. Limited types expire under these circumstances.
Signing legal documents, managing real estate, and selling or buying personal property are all common uses for a limited POA. The principal needs to be very specific when they are writing the tasks that they’d like the agent to complete.