A Power of Attorney (POA) is a written letter of authority to act on another’s behalf in legal matters. A Power of Attorney can be general, giving the agent the authority to conduct any type of business, or specific, and limited to the transactions expressly stating the purpose of authority.
A Specific Power of Attorney is also known as Limited Power of Attorney. It permits the person so authorized to conduct a particular business transaction or may be made only for a specific periods. It states the details of extent of power and the expiration date. Some people prefer specific Power of Attorney as the principal authorizes the person to manage their property and secure himself that his assets are protected.