Grant a power of attorney
A Power of Attorney (POA) is a legal and written document that allows you to appoint any other person or any organization to handle your business affairs when its needed to grant a power of attorney.
A power of attorney is a legal document that grants an individual, known as the attorney-in-fact, the power to act on behalf of another person, known as the grantor.
This document can be used to grant the attorney-in-fact the power to act in legal and financial matters, such as signing documents, making investments, and managing bank accounts.
If you are considering granting a power of attorney, it is important to understand the various types of powers of attorney available and the legal implications of each.
There are several types of powers of attorney, including:
- General Power of Attorney: This grants broad powers to the attorney-in-fact to act on behalf of the grantor in legal and financial matters.
- Limited Power of Attorney: This grants specific powers to the attorney-in-fact, such as the power to manage a particular bank account or sell a specific property.
- Durable Power of Attorney: This remains in effect even if the grantor becomes incapacitated or unable to make decisions.
- Springing Power of Attorney: This becomes effective only under certain conditions, such as the incapacitation of the grantor.
Granting a power of attorney is a serious decision and should not be taken lightly.
It is important to choose an attorney-in-fact who is trustworthy and capable of acting in your best interests.
Once you have granted a power of attorney, you are giving the attorney-in-fact the power to make decisions on your behalf
In the case you may not be able to revoke the power of attorney if you change your mind.
In addition, if you grant a power of attorney to someone who misuses their power, you may be held responsible for any damages caused by their actions.
It is important to carefully consider the risks and benefits of granting a power of attorney before making a decision.
How to Grant a Power of Attorney
To grant a power of attorney, you will need to draft a legal document that outlines the powers being granted
The documents should contain duration of the power of attorney, legal conditions, limitations.
This document should be signed and notarized to ensure its validity.
It is also important to notify any relevant parties, such as banks or investment firms, that you have granted a power of attorney.
Granting a power of attorney can be a helpful tool for managing your legal and financial affairs
This is important to understand the legal implications and risks associated with this decision.
If you are considering granting a power of attorney, it is recommended that you consult with an experienced attorney to ensure that your rights and interests are protected.
The power of attorney needs to be explicit.
Power of attorney for property must be described in detail as location, quadrature, the basement or ceiling, the common parts of the building, the right of construction or the yard.
You must indicate whether the authorized person has the right to negotiate the terms of the notarial deed, whether he has the right to receive the sale price, and so on.
TIP: Read carefully the documents & power of attorney before you sign them.
Do not authorize people you do not know or trust in a case of grant a power of attorney
A power of attorney is a document to be signed only by the party issuing it, that is, the authorized person does not undertake to perform the assignment.
To make arrangements for this, you need an additional contract signed by both parties.
A power of attorney is required when the owner of a real estate wants to dispose of the following actions:
We talsk about action like to sell, donate, replace, transfer over viewing and maintenance, establish a right in rem, etc.
According to the legal requirements in a power of attorney of this type, it is necessary to have a description of the specific properties to which it refers.
It is still debatable whether the sale price should be explicitly stated.
The power of attorney for disposal of a real estate may be temporary or indefinite, but together with it 2 signatures are signed. declarations –
The first is under Art. 264, para. 1 of the Tax law- with which the person declares that there are no outstanding obligations for taxes, duties and obligatory insurance contributions, which have not been extinguished;
The second declaration – the one under Art. 25 Notary act is for citizenship and civil status.
The first statement is valid for 6 months, so even if the power of attorney is indefinite.
All declarations should be signed and authenticated again before a Notary.
Validity of the power of attorney
The validity of the power of attorney is determined by the authorizing person, but it also depends on various factors, especially those in practice.
There are several ways to determine the validity of the power of attorney.
In order to determine its validity, the power of attorney may contain any of the texts listed below.
1. The power of attorney shall record the period of its validity by the authorizing officer.
2. The power of attorney is valid until the designated action for which it has been issued.
3. Power of attorney applies until it is withdrawn by the Authorizing Officer (but not more than 10 years from the date of issue).
4. Power of attorney is indefinite. (but no more than 10 years from the date of issue).
Termination of the power of attorney
1. The authorizing officer shall withdraw the power of attorney.
2. The authorized person shall refuse to execute it.
3. The term specified in the power of attorney has expired as a term of validity.
4. With the death of one of the parties under the power of attorney.
5. With the seizure of the document by a body of authority or its detention as a written proof by a notary and others.
Important facts about the power of attorney
1. The power of attorney shall be valid only in the original.
If the original of the power of attorney is not presented, it may be assumed that it was withdrawn by the authorizing officer.
2. The notarial power of attorney is the most commonly falsified / falsified document.
We remind you that this act is being prosecuted and punished by the law enforcement and judicial authorities.
Withdrawal of power of attorney
To withdraw a notarized power of attorney, please contact the notary who certified it.
The withdrawal of the power of attorney shall be by several means, depending on the reason for the withdrawal.
What are the relationships between the parties; is there a danger of abuse? what volume of rights contains the power of attorney; and others.