Power of attorney means giving someone else the power to make legal, financial, or medical decisions when you are unbaled to do a task you designate another person to handle the tasks on your behalf. But there are certain precautions that you need to take while signing the POA agreement to ensure that your interest is fully protected.
Rights of a POA
The rights of an appointed agent can be broad and narrow, depending on how the POA document is written. The rights of an agent depend upon the type of power of attorney a person chooses to create depends on the situation and the type of decisions permitted under the legal document. Some of the examples of kinds of rights given.
In case if the POA is appointed as health care agent
- A medical POA is a health case directive that looks after your medical decision to be taken on your behalf.
- The agent may also be called as a health care proxy or health care surrogate, is legally required to do the work as mentioned in the contract.
- Some people also add advance health care directive by adding a living will, which details health care wishes, with a durable POA in a single document.
- POA for financial can authorize most aspects of financial management on your behalf.
- The agent may handle all of your banking transactions, including check writing and accessing safety deposit boxes.
- Your POA agent cannot change your will, but some allow agents to amend or create trusts and transfer your assets to trusts.
- Your agent may buy and sell property, make decisions about stocks or other securities, purchase insurance, manage your government benefits, file your tax returns and hire professionals to assist with the responsibilities.
The right of this POA includes handing your estate and finances, but they usually aren’t specified in the document and thus may encompass other areas like health.
Examples include completing real estate transactions,
- managing any investments, you have,
- maintaining your bank accounts,
- paying bills,
- paying insurance premiums,
- handling your taxes,
- doing any required business transactions.
This type may designate the agent to handle specific tasks for a limited time or purpose.
In case if the principle is out of the country and need someone to handle the sale of your property back home, a limited POA could manage the real estate, real estate agent may work with complete the home sale process.
Limitation of a power of attorney
A generic POA document that does not contain any limitation typically gives an agent broad power over medical or financial decisions. One of the fundamental rules governing an agent power is that they are expected to act in their principles best interest.
An agent cannot:
- An agent makes the decision inside legal terms of the document and can’t make decisions that break the agreement, and the agent can be held liable for any fraud or negligence
- Change a principle will or hand over the control to any third person whose name is not mentioned in the POA.
- POA is no longer valid on the death of the person who created it, the agent loses the control at that time.
- Break their fiduciary duty to act in the principles best interest
- Make a decision on behalf of the principles after death.
- An agent ha she right to decline their appointment at any time. If the principle names a co agent or alternate agent in the same POA document or is still competent to appoint someone else to at on their behalf
Power of Attorney Services in the UAE
More than one person can act as your agent and ask that they work together. If you want to know more about your power of attorney in Dubai, contact HHS Lawyers we are here to assist you in the best possible ways. Our solutions are delivered by experienced lawyers who can address your needs irrespective of whether you are an individual or an organization. Contact us today for further consultation
Can a Power of attorney sell the property?
Transfer of legal right to deal with buying or selling the property for another person can be performed by granting power of attorney to specific individuals or corporations.
What is the meaning of power of attorney for personal care?
A power of attorney for personal care is a written document in which you give someone the power to make decisions about your personal care should become unable to make these decisions yourself.
What makes the Power of Attorney a legal binding document?
A power of attorney is a document that gives one person the legal authority to act on behalf of another person and make decisions when the principle is unable to do so.