After two years on the waiting list, you have finally secured a reservation at Fäviken, one of the best restaurants in the world, which happens to be in the middle of nowhere, a.k.a. Järpen, Sweden. As such, you’ve planned an entire trip around this reservation which you waited so long to get. But, a niggling piece of business that has refused to close for months looks like it’s finally going to happen. On the day you will be eating at Fäviken. This business must close as the revenue it will generate is equal to over 50% of your annual revenue. What do you do?
Execute a Limited Power of Attorney so someone you trust can transact the business on your behalf.
A Limited Power of Attorney solves the problem here because it appoints someone to act as your representative agent for a special piece of business, like a transaction. You really can be in two places at once with this bit of legal judo! Just make sure the other side of the transaction has notice of how the contract will be signed, and instruct your agent to sign it in your name, but then to write underneath “by Key Employeesinski , under a Limited Power of Attorney executed on [date].”
Note also that if you have a durable power of attorney, then the person you appoint as your agent can do this for any circumstance or transaction that might arise which you are unable to attend to. That might not solve the problem for the Fäviken scenario, because usually people appoint their significant other as their durable power of attorney, and I would hope that you are planning to bring them along!
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Misha is an estate planning attorney for his firm, Speedwell Law, PLLC. If you would like assistance in setting up your own estate plan, Misha can be reached at (703) 553-2577 or firstname.lastname@example.org.
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