A general power of attorney gives an agent the power to handle a broad array of financial tasks, such as selling assets, making gifts, investing, or transferring funds. A limited power of attorney only grants an agent the power to handle specific tasks.
For example, if an individual would like to sell an out-of-state property but doesn’t want to travel, an agent can be appointed to handle the specific transaction and paperwork. Powers of attorney can also be limited to a period of time, such as one month. This allows for temporary matters to be addressed without granting permanent decision-making authority to an agent.