What is a power of attorney?
A power of attorney gives the power of managing your affairs to another person. This can be in relation to just one transaction or in relation to your entire affairs. There is a special form of a power of attorney that allows another person to make decisions about your care and welfare.
Why have a power of attorney?
In the context of buying and selling properties and businesses, a power of attorney can be a useful tool in allowing another person to sign documents for you when you’re overseas or unwell. You can also limit the authority given to any person to a specific document or transaction.
Even if you are not involved at the moment in a particular property deal, and even though you are well and in control of your own affairs, it is often useful to have a person on standby in case of illness, accident or your simply not being available to sign that urgent document or pay that pressing bill. It is frequently the case that a power of attorney is given to a business partner, spouse or lawyer to enable continued management of your affairs in times of need.
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