Power of attorney is a powerful document which gives another person the ability to act on someone’s behalf in reference to all financial and medical matters. The person who creates Power of Attorney is known as ‘principal, ’ and the person who is appointed to act for the principal is called ‘attorney-in-fact.’
Here are three important facts you should know about Powers of Attorney.
Types
Power of attorney document is not like all other docs. There are powers of attorney limited to healthcare, some are limited to financial or property matters. Some are limited to a specific period, and some even are no longer valid once you become incapacitates. Broadly a power of attorney can be classified into springing and non-springing. A ‘non-springing’ power of attorney is one that is put into effect immediately. A ‘springing’ power of attorney means the attorney-in-fact has no authority to act under the document until a particular event occurs. A springing Power of Attorney is a good way to make sure that attorney-in-fact doesn’t misuse the document.
More than one attorney
A power of attorney may appoint more than one attorney. When someone is proposed for Power of Attorney, it is a great responsibility, and in some cases, it makes sense to name co-attorneys. However, it is not always a wise idea. Several times, in order to remain fair with all, parents appoint all of their children to serve as co-agents. In such condition, they all need to sign documents which may make slowing down of important matters. Besides, multiple agents need to get along and cooperate with each other. So, it is always advisable to choose one child to serve and reserve another for a backup.
Power to act
Appointing someone to act on your behalf doesn’t mean that you don’t have power to act on your behalf. Even after assigning Power of Attorney, you have the capacity to take your own decisions. A Power of Attorney doesn’t remove a donor from taking action, it just authorizes someone else to act under his/her limitations you have placed.
Conclusion – The translation of a power of attorney is tricky for its structure they are written. However, our proficient translators work on documents to make sure that even minute details are translated accurately. If you have any Power of Attorney document to translate, you can trust on our power of attorney translation service. For any query, please contact us at 888-670-3369.