Special Power Of Attorney Coupled With Interest
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This special or limited power of attorney is for your agent to handle bank account matters for you, including, making deposits, writing checks, opening accounts, etc. A limited power of attorney allows the principal to give only specific powers to the agent. The limited power of attorney is used to allow the agent to handle specific matters when the principal is unavailable or unable to do so.
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This Chapter applies to all powers of attorney except the following: (1). A power to the extent it is coupled with an interest in the subject of the power,.Thus when a power of attorney is coupled with an interest it is irrevocable. As mentioned above, "coupled with an interest" describes the nature of an agent's power or authority in a principal-agent relationship. If the power is specifically coupled with an interest, it may survive death of the principal. Often, it is misunderstood that a power of attorney coupled with consideration is irrevocable. A power of attorney is an important and powerful legal document, as it is authority for someone to act in someone else's legal capacity. "A power coupled with an interest" is a power which accompanies or is connected with an interest. The power and the interest are united in the same person. Lasting powers of attorney 5-05.