There are different types of power attorney that helps you to appoint a person on your behalf legally. This includes the types of decisions that your agent can make for you. Of course, you have to specify when the agent will be able to perform actions on your behalf. But it is important to understand the power of attorney options to ensure your legal documents suits your requirements.
Types of Power Attorney
General Power of Attorney
This is the most common. Here the agent can manage financial accounts and other personal matters on behalf of the principal.
There are times when you need another person to deal with certain things on your behalf. Here the agent can sign the document for you or manage your financial matters.
This type of power of attorney ends when you are no longer capable to giving authority to someone. You can also cancel or revoke a POA at any time.
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Durable Power of Attorney
The durable POA allows you to appoint a person for decision making for you whenever you aren’t able to do by yourself. If you don’t have a durable power of attorney, then your dear ones will have to apply in local courts for adult guardianship to act on your behalf. This is a costly and complicated process. Also, the chances of rejecting this application are high. This is why you are advised to create durable poa in uae while you are capable to do so. This type of power of attorney becomes effective upon the creation and lasts even if you become incapacitated.
Read More: Power Of Attorney For Businesses In UAE
Contingent Durable POA
Contingent POA comes to an effect under specific events. It comes to effect only if the principal is incapacitated. This power will get terminated once you are available or mentally capable to make decisions.
Special Power of Attorney
Special power of attorney often called as limited power of attorney is useful when you want to limit the power to the agent. Under this POA, powers are specified. For example When you want your real estate agent to have powers only to sell your property in Dubai.