Limited Power of Attorney - California

LIMITED POWER OF ATTORNEY

CALIFORNIA TRANSACTION-SPECIFIC DURABLE FORM

Before you use this: Complete the permitted acts, property, amount limit, and end date before signing. Date and sign the instrument before a California notary; the included acknowledgment also supports a real-property transaction. Keep the statutory notices below with every distributed copy. The required principal notice describes powers that a broader form could give; the actual grant here is limited by Sections 2 and 3.

Notice to Person Executing Durable Power of Attorney

A durable power of attorney is an important legal document. By signing the durable power of attorney, you are authorizing another person to act for you, the principal. Before you sign this durable power of attorney, you should know these important facts:

Your agent (attorney-in-fact) has no duty to act unless you and your agent agree otherwise in writing.

This document gives your agent the powers to manage, dispose of, sell, and convey your real and personal property, and to use your property as security if your agent borrows money on your behalf. This document does not give your agent the power to accept or receive any of your property, in trust or otherwise, as a gift, unless you specifically authorize the agent to accept or receive a gift.

Your agent will have the right to receive reasonable payment for services provided under this durable power of attorney unless you provide otherwise in this power of attorney.

The powers you give your agent will continue to exist for your entire lifetime, unless you state that the durable power of attorney will last for a shorter period of time or unless you otherwise terminate the durable power of attorney. The powers you give your agent in this durable power of attorney will continue to exist even if you can no longer make your own decisions respecting the management of your property.

You can amend or change this durable power of attorney only by executing a new durable power of attorney or by executing an amendment through the same formalities as an original. You have the right to revoke or terminate this durable power of attorney at any time, so long as you are competent.

This durable power of attorney must be dated and must be acknowledged before a notary public or signed by two witnesses. If it is signed by two witnesses, they must witness either (1) the signing of the power of attorney or (2) the principal’s signing or acknowledgment of his or her signature. A durable power of attorney that may affect real property should be acknowledged before a notary public so that it may easily be recorded.

You should read this durable power of attorney carefully. When effective, this durable power of attorney will give your agent the right to deal with property that you now have or might acquire in the future. The durable power of attorney is important to you. If you do not understand the durable power of attorney, or any provision of it, then you should obtain the assistance of an attorney or other qualified person.

1. Principal and agent

I, [PRINCIPAL FULL LEGAL NAME], of [PRINCIPAL ADDRESS], appoint [AGENT FULL LEGAL NAME], of [AGENT ADDRESS], as my attorney-in-fact solely for the purpose and acts stated below. The agent must have capacity to contract.

2. Express limited authority

Single transaction or purpose: [DESCRIBE THE TRANSACTION AND IDENTIFY THE COUNTERPARTY]

Acts my agent may perform and documents the agent may sign: [LIST EACH ACT AND DOCUMENT]

Property or account involved: [IDENTIFY PRECISELY; FOR LAND, ATTACH THE LEGAL DESCRIPTION / NONE]

Maximum payment, receipt, or commitment: $[AMOUNT / NONE]

Other conditions: [STATE CONDITIONS / NONE]

My agent may communicate with the named counterparty, obtain records necessary for this transaction, and sign only the listed documents. These incidental acts do not expand the limited grant. An unfilled act or property description grants no authority. No general power over other property or transactions is granted.

3. Powers withheld

My agent may not create, modify, revoke, or terminate a trust; fund another person's trust; make or revoke a gift; reject, disclaim, release, or reduce a share in an estate, trust, or other fund; create or change survivorship interests or beneficiary designations; or make a loan to the agent. None of the exceptional acts in Cal. Prob. Code § 4264 is granted. My agent also may not transfer my property to the agent or for the agent's benefit, make health-care decisions, or execute a will or codicil.

4. Effect, durability, and end

This power of attorney is effective when I sign and acknowledge it. This power of attorney shall not be affected by subsequent incapacity of the principal.

My agent's authority ends when the stated purpose is accomplished and, in any event, no later than [DATE AND TIME, INCLUDING TIME ZONE]. I may revoke this instrument by a signed written notice delivered to the agent and known persons relying on it.

5. Agent's instructions

My agent must act only within this limited grant, for my benefit, keep my property separate, avoid conflicts, and keep records of acts, receipts, disbursements, and documents signed for me. The agent must provide those records to me on request. This instrument does not excuse applicable fiduciary duties.

6. Principal's signature

I sign this limited power of attorney voluntarily on [DATE].

Principal's signature: ____________________________________

Printed name: [PRINCIPAL FULL LEGAL NAME]

7. California acknowledgment

State of California, County of [COUNTY].

On [DATE] before me, [NOTARY NAME AND TITLE], personally appeared [PRINCIPAL FULL LEGAL NAME], who proved to me on the basis of satisfactory evidence to be the person whose name is subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity, and that by his/her/their signature on the instrument the person, or the entity upon behalf of which the person acted, executed the instrument.

I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct.

WITNESS my hand and official seal.

Notary's signature: ____________________________________ Official seal: [SEAL]

Notice to Person Accepting the Appointment as Attorney-in-Fact

By acting or agreeing to act as the agent (attorney-in-fact) under this power of attorney you assume the fiduciary and other legal responsibilities of an agent. These responsibilities include:

1. The legal duty to act solely in the interest of the principal and to avoid conflicts of interest.

2. The legal duty to keep the principal’s property separate and distinct from any other property owned or controlled by you.

You may not transfer the principal’s property to yourself without full and adequate consideration or accept a gift of the principal’s property unless this power of attorney specifically authorizes you to transfer property to yourself or accept a gift of the principal’s property. If you transfer the principal’s property to yourself without specific authorization in the power of attorney, you may be prosecuted for fraud and/or embezzlement. If the principal is 65 years of age or older at the time that the property is transferred to you without authority, you may also be prosecuted for elder abuse under Penal Code Section 368. In addition to criminal prosecution, you may also be sued in civil court.

I have read the foregoing notice and I understand the legal and fiduciary duties that I assume by acting or agreeing to act as the agent (attorney-in-fact) under the terms of this power of attorney.

Agent's signature: ____________________________________ Date: [DATE]

Printed name of agent: [AGENT FULL LEGAL NAME]

8. Real-property use

If the listed act affects real property, give the closing professional this acknowledged instrument and the property's legal description. Confirm the county recorder's requirements before a deed or other recordable instrument is signed or presented for recording.