Documents Needed to Draft a Power of Attorney
Power of Attorney
Power of attorney is basically a legal document in which the person gives the power to act on their behalf to some other person. The person who is given the authority to act on behalf of the first person either gets the broad legal authority or limited legal authority to take or make different decisions over the property, money, medical care etc.
Power of Attorney drafting is a major decision
Giving someone the right to act on your behalf and make legal decisions is not a small task at all. This is why the decision should be made after thinking properly and mindfully. The person who gives the other person authority is the principal whereas the person who gets the authority to act on behalf of someone else is the representative, the agent or the attorney-in-fact. One thing that needs to be noticed here is that the principal has the authority to revoke the given authority any moment they want. Some of the basic requirements for revoking the authority may include the sound mind of the principal, notification to the agent or attorney-in-fact and written form of the notification. All of these things are very important for revoking the power of attorney.
You can take Legal Drafting Services in Dubai for getting more information regarding power of attorney. This is a legal matter and it should be dealt with great care and responsibility.
Reasons behind the power of attorney drafting
There can be a lot of reasons behind authorizing someone else to act on your behalf. There can be different types of power of attorneys required on the resident state of the principal. Here are the most common types of power of attorneys;
The medical power of attorney
The authority to make the medical decisions is given in the medical power of attorney. This means the agent will be allowed to take the medical decisions on behalf of the principal. This type of power of attorney let the agent takes medical decisions only if the principal is not in a state to make medical decisions at their own.
The financial power of attorney
This is the authority to make financial decisions on behalf of the principal. The financial power of attorney is limited as it gives authority to the attorney-in-fact only in certain transactions. This is considered as durable power of attorney as it is valid in case the principal become disabled or incapacitated. This is opposite to that of non-durable power of attorney because, in non-durable power of attorney, the principal doesn’t suffer from any incapacity.
Springing power of attorney
Any specific event triggers these powers and thus give the agent or attorney, in fact, the limited or broad powers. It is used as a tool for estate planning. This also gives the authority to the agent to take a decision when the principal himself is unable to act or make decisions.
Be mindful while choosing an Attorney-in-Fact
We all know that the principle itself will be very careful about choosing someone who will gain the authority of decision making on their behalf. It is recommended for the principal to speak about the power of attorney before drafting legal documents. The agent should also be willing to take care of the legal document as it is a matter of great responsibility.
Limitations of Authority
Power of attorney can have a huge impact on the principal because the attorney-in-fact gets authority over different decisions including the financial decisions, paying bills, buying and selling of real estate and so much more. The authority of decision making become limited because of the language present in the document of the power of attorney.
Go for Drafting Memorandum of Association and power of attorney with the help of services outsourcing legal drafting. This would help you in carrying out the legal drafting while taking in consideration the proper rules and regulations. Handing over the power of attorney to someone else is not a small task. You authorize someone else to play your part in different situations. That is why you need to pay more attention to the legal processes and the person you appoint as attorney-in-fact for you.
HHS lawyers and legal consultants
Do not know much about the power of attorney? Do not worry because HHS lawyers are right here to help you out. The expert legal consultants know all the nitty and gritty about legal drafting and everything you would want from them. They will never fail to satisfy you as they are experienced and professional. They know what documents you would be needing and what are the other requirements of giving or revoking the power of attorney. So, take their help and stay at ease if you yourself are not in a good condition to take such legal decisions on your own behalf.