POWER OF ATTORNEY
Power of Attorney (POA) is a legally binding document that allows a person to appoint another person on his behalf concerning private matters, finance, real estate, business, and more. The person appointing is called Principal/Donor and the apointee is called Attorney-in-fact/Agent. This power can be conferred on anyone be it a legal practitioner or a layman.
For the Power of Attorney to be binding and effective, it must contain the signature and seal of the Donor. Power of Attorney is executed to allow someone else act on your behalf when you are not available or capable to act for yourself as a result of illness, travel, defense, etc.
There are four (4) types of POA.
General Power of Attorney: Here, the agent can perform almost any act as the principal.
Special/Limited Power of Attorney: Here, the agent has specific powers limited to a certain area.
Ordinary Power of Attorney: valid as long as the principal is competent and capable to make his own decisions.
Durable Power of Attorney: valid regardless of whether the principal is competent, it will remain in effect even if he becomes incapacitated.
A Power of Attorney is valid until the principal revokes it or dies.
FROM THE DIRECTORATE OF RESEARCH
Post a Comment