On a daily basis, you make a wide range of choices and decisions as to how you invest and spend money. The kinds of decisions that you make are all unique to your specific circumstances and taking into consideration income and assets.
If an illness or accident prevents you from making financial decisions or payments to bills and expenses, you’d probably want a particular level of control for how transactions are carried out. Due to legal requirements of financial institutions and regulatory authorities, if you’re incapable of attending to transactions yourself, an enduring power of attorney in UAE is required.
What should I do with an enduring Power of Attorney?
There’s no formal process for registering an enduring POA or power of attorney in UAE. However, it needs to be lodged with the government departments, banks, and all other institutions before an authorized person can conduct a transaction.
It’s recommended for a principal, the person authorizing another person referred to as the agent of a POA, to keep the document in a safe and secure place. Storage can be with all other important legal documents such as the advance health directive, your will, and your enduring power for guardianship.
It’s essential for you and your agent to know exactly where the original power of attorney is kept. The reason for this is so it can be accessed easily should your agent need to conduct transactions and act on the document’s authority.
Call us if you need – Power Of Attorney For Inheritance
Are there people I should provide copies of an enduring power of attorney?
Enduring power of attorney documents in UAE are considered private documents. This means it will be completely up to you in deciding who exactly you want to have copies of the document.
It is, however, recommended to make certified copies from a public notary in Dubai. Then, provide the certified copies of the original to the agent, the enduring guardian, friends, family members, and all relevant institutions.
What is a certified copy of an enduring power of attorney?
A certified copy is issued by a public notary in Dubai. Apart from notarizing a power of attorney in Dubai to ensure it is enforceable and legal in the country, Dubai public notaries can also create certified copies.
The certified copy of any legal document is certified to be a true and genuine copy of an original. A public notary in Dubai will need to see the original document before it can certify a copy. Should you decide in giving copies to people and organizations, keep a list. IT will assist you should you find a need for securing copies of your enduring power of attorney.
The list will also prove to be useful when you decide in the future to revoke your power of attorney. You will have to send certified copies of the revocation letter to the persons and organizations that have copies of the enduring power of attorney.
You may want to know: Can Power Of Attorney Be Revoked?
What are the actions that are illegal for agents to do?
An agent appointed through an enduring power of attorney in Dubai can’t do the following:
- create a will on behalf of the principal
- vote on behalf of the principal
- make statutory declarations
- swear an affidavit
- exercise powers as an executor or trustee where the principal is the executor or trustee
- do any act that’s illegal in UAE or has a purpose that’s particularly unlawful
- perform functions of a secretary or director of a company unless authorized by a company’s constitution and by-laws
- deal with properties that are held in trust
- appoint substitute agents
- dispose assets of the principal at less than the market value if it’s not in the best interests of the principal
An enduring power of attorney can allow an agent to make decisions regarding the following:
- property management
- financial matters
This can involve certain decisions about daily budgeting, investments, banking and decisions regarding the sale or purchase of property.
What are to be taken into consideration when selecting an agent?
Who you appoint to be the agent on your enduring power of attorney is an important decision. When selecting the right agent for you, it’s recommended to ask these questions:
- Is the person willing in taking on the role’s responsibilities?
- Is the person trustworthy, responsible, and most likely to act only on my directives and best interests?
- If I’m married, have I considered making my spouse or partner as the agent? Should you choose someone else, your agent has the authority in making financial and property decisions for you instead of your spouse.
- If I’ll appoint two or more agents, will they be able to agree and work well together?
An enduring power of attorney allows you to authorize someone in making personal and financial decisions for you should you lose capacity.
To help ensure its enforceability, call us here in Notary Public Dubai today!