Introduction
A Special Power of Attorney (SPOA) is merely a legal document. This is a piece of paper that allows one person to appoint another individual to carry on with certain tasks, work, or transactions. The person who is appointed is called the “Principal.” On the other hand, the person who is appointed is known as the “Agent.” Dubai law firms also draft the SPOA drafts. Notary Public is the standard department for such jobs. Dubai lawyers can help understanding it.
Highly useful
This kind of power of attorney is highly useful when the Principal needs help or assistance with work. Principals may have other more important work or commitments including health or other reasons. The agent is normally the person whom the principal trusts and can dedicate his crucial matters for handling.
When and Where is used
A Special Power of Attorney can easily be used in many different situations and scenarios. It may include matters like money management, leasing property issues, custody of children, or while performing certain duties, during purchase or selling of property, and so forth. Dubai lawyers from best Dubai law firms provide more clarity and details about the functions and usages of power of attorneys.
Money Management
In Money Management, the Agent will handle the financial issues. He will take care of matters such as paying the bills, managing the money or bank accounts, and even when making investments. Dubai lawyers from top Dubai law firms do handle the financial matters in a very appropriate and professional way.
The agent may be allotted to take care of children or given Custody. He will be able to handle the Principal’s children and their matters. This may include making critical decisions concerning their education, future, health, and other issues.
Moreover, the agent may be authorized to perform certain duties. This may include responsibilities like signing up the crucial documents, representing the Principal in the legal battles, and much more.
List of the Elements
Whenever the special power of attorney is drafted, some main elements must be part of it. It must include the following:
- It should contain the details of the principal as well as the agent. The SPOA should mention the full names of both. Besides, it must state the respective contact number and personal information of both the Principal and the Agent.
- The reason for granting Power of attorney should be written. The document should clearly explain the core reason why the Principal is giving power to the agent. The other reasons and details can be grabbed from professional Dubai lawyers but from reputed Dubai law firms or law companies.
- Furthermore, it also explains in detail the exact powers of the agent along with what he can do and what he cannot. The paper further illustrates the limitations of an agent.
- Additionally, the SPOA must outline the tasks or transactions carried out by the Agent. It will also explain what is authorized for him to perform. It should also include provisions that allow the Principal to revoke these powers if the Agent misuses them.
- The date and place where the SPOA is made must be included. Added, the paper also specifies the authority of the agent and where it begins. The Principal should sign the document in the presence of 2 witnesses. It should be signed up to ensure the validity of the SPOA.
- There are certain documents needed for SPOA which are needed for the issuance of it.
- Additionally, it usually requires documents including proof of identity, national identity proof, and copies of SPOA. For proof of identity, the principal needs to provide a passport and national ID card to the relevant authorities.
- Furthermore, the documents must be validated by the concerned authorities of UAE and if needed from the foreign country.
Creation of Special Power of Attorney
Crafting the SPOA requires some steps and it is initiated from drafting the papers. The legal professional or principal will draft the special Power of attorney. It will inculcate all the details concerning the transactions and tasks which are authorized by the agent. All the duties performed by the agent are vividly in the document. Nevertheless, the document is printed over the official stamp paper. The stamp paper and other documents must be signed by both. The principal and agent along with 2 witnesses need to sign to finalize the document. The duration of SPOA is limited to a specified period. The timeframe of SPOA is restricted which is clearly mentioned on it. The documents contain an expiration date. After the certain time period is over the agent has no legal and valid powers or authority. Moreover, the SPOA remains effective in the given timeframe until it is revoked due to any reasoning by the principal. The duration of the SPOA validity is dependent upon the laws of the land.
The Key Role of a Legal Professional:
The Principal must carefully consider the terms and conditions of the document. The principal has to make sure that the agent is reliable. The principal must analyze whether the agent can handle the responsibilities assigned to him. The lawyer or the legal professional will assist in complying with all the terms, specifications, and conditions. Nonetheless, the lawyers provide legal guidance to both the principal and agent regarding their duties, and powers granted.
The principal will better understand the risks involved in SPOA. In case any dispute arises, the well-versed legal Professional or a competent Lawyer can represent them in a legal dispute. Besides, they will make sure that principals’ interests and rights are safeguarded. The prolific lawyer also ensures that SPOA misusage is avoided and used only for legal purposes.
