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A limited power of attorney is a legal document permitting an individual to act on your behalf in specific situations. This is particularly useful for someone who may be abroad during important business transactions or for those preferring not to handle every financial query personally. While granting these powers, the principal defines limitations, including the duration of authority. A power of attorney is an established legal concept, allowing a principal to authorize an agent to perform actions typically requiring their signature. It's important to note that the principal does not need to be an attorney, but the authority granted has specific limitations, including a defined timeframe that the principal can specify.