Should You Give a Limited Power of Attorney to your Spouse?
A Limited Power of Attorney is just what it says. When you sign this type of legal document, you are giving limited power to someone else to make your decisions. While the language within this document is broad, it will specifically outline what authority you are assigning to someone else.
There are several types of powers of attorney, however, a Limited Power of Attorney gives whomever you choose the authority to conduct a specific act. For example, a person might use a Limited Power of Attorney to buy or sell a home or a vehicle. It could also be limited to certain banking transactions, letters of credit or medical decisions.
If you become incapacitated, or serve active duty in the military, it is generally a good idea to assign a Limited Power of Attorney to someone you trust, usually a spouse.
Giving that power to a spouse could be dangerous, unless of course you have a loving and trustworthy relationship. After all you would not want someone to make life or death decisions about you if their was no loyalty. Before you decide to sign a Limited Power of Attorney to your spouse, be aware of all the consequences.
Decide how long your spouse will have this responsibility. Having an expiration date on the document is a safeguard for you against any abuse of power. If you decided to cancel a power of attorney before the ending date, you should sign an order for the court stating that fact. It is also a good idea to record the revocation with your bank, doctor, or other entities if you foresee future problems.
