A power of attorney, specifically a durable POA, is an important document that one should have. This legal document allows an individual to be appointed as your agent, and the agent will eb able to make decisions with your best interests in mind in the event that you become incapacitated.
If you haven’t appointed an agent, your family and friends won’t be able to have authority in making decisions when you are unable to. In such case, proper courts in UAE will be the one who’ll appoint the best individual that will carry out tasks on your behalf. Appointment of a guardian requires court proceedings that are costly and often tedious.
While a durable POA is a critical document to have, it’s also one that’s most often misunderstood by the general public. This article will list all the common misconceptions surrounding POAs to help you understand what they are as well as what is needed in order to create valid POAs.
Misconception: there is no need for me to create a POA as I am young and healthy and I don’t have lots of assets.
Truth: we all need a POA when we reach the legal age. You would never when a catastrophic thing happens to you. You need to create a solid plan and set it in place in order to manage your affairs in the event that you become incapable of doing so unexpectedly.
If you don’t have a power of attorney in place, you won’t have any control as to who will be making all decisions that matter to you. It can be very time consuming and expensive for loved ones to involve the court just to appoint a guardian for you.
Misconception: advancements in technology are incredible, which means I no longer have to speak with legal drafting lawyers. I can simply create a power of attorney online.
Truth: a power of attorney that you find online won’t be tailored to your specific needs. Remember that the situation of every person is unique. Using a cookie cutter power of attorney won’t be able to cover curial transactions that are specific to you. In order for you to conduct most financial transactions, there’s specific language that is to be used for banks to grant your agent proper authority.
A legal drafting team that is comprised of lawyers and legal consultants create documents such as a power of attorney regularly. That gives them valuable skill and experience in rare and unique situations. Experts can help ensure that you have your bases covered, most especially If you’ll be needing long-term care, which will arise as you reach your golden years.
Misconception: a power of attorney document is one-and-done. As soon as it is created, there is no need for me to touch it ever again.
Truth: a power of attorney is a document that is to be updated regularly. Regulations and legislation are constantly changing. This means if you don’t update your document regularly, you may just find out in a critical time that is your power of attorney is no longer enforceable. Moreover, some financial institutions don’t accept a power of attorney that has not been updated for a certain number of years.
Misconception: there is no need for me to make a power of attorney while I am still active as I can make one when I become incompetent.
Truth: although the timing for the granting of authority to an agent with the use of a power of attorney is your personal preference, a power of attorney that is effective instantly should also be taken into consideration. A springing power of attorney often requires findings of incompetency by more than one doctor. There may be a situation where doctors won’t sign off the declaration that you’re incompetent. A power of attorney that is effective instantly will eliminate the need for physicians to declare that you’re physically and mentally incompetent.
A power of attorney is absolutely important and it’s a document that everyone should create. It’s necessary for you to consult a power of attorney lawyer or legal drafting team to examine your situation and create the power of attorney that addresses your needs and requirements. A legal drafting team can also update the power of attorney regularly, as needed. Please don’t hesitate to reach out to our team if you’d wish to talk regarding your power of attorney or creating one.
Is there just one kind of power of attorney?
There are different types of POAs created and each one has its unique purpose: General POA, Limited POA, Springing POA, and Durable POA.
Who will keep the original copy of a power of attorney?
The agent that is named in the power of attorney will be given a copy as well as the grantor of rights to make decisions in his or her behalf. For more details click here