To keep your regular business functional, you sometimes need to hand over the control to someone who can make decisions in your absence. Whether you go for an international business trip or undergo immediate medical treatment, you need to find the right hands to pass the rein for your estate.
It is always suggested to have your directives on a legally binding document signed by you and the agent. This is called Power of Attorney (POA), which legally authorizes the person to take specific actions in your absence. POA recognizes you as the principal and your confidant as an agent. A power of attorney is enforceable only as long as the principal is alive and can only be enacted by a mentally competent principal.
A letter of attorney can give the authorization to represent or act on another’s behalf:
- Private affairs
- Legal matter
- And sometimes, against the wishes of the other’s (in the family)
If you are a person authorizing the other to act on your behalf, in the legal language in the document, you’ll be stated as the principal, grantor, or donor (of the power). The person getting authorization to act is the agent or representative, or in other common law jurisdictions, the attorney-in-fact.
You are free to choose any power of attorney that fits your situation:
- Non-durable POA- Healthcare
- Durable power of attorney
- Springing power of attorney
Here are a few benefits you can enjoy after having a POA planned:
- You choose who will make decisions for you rather than a court: A signed POA gives the agent all the right to make critical financial decisions. A guardianship or conservatorship may be needed in the absence of a POA, which can be very expensive.
- Family members have an opportunity to discuss and decide: There is a lot of consideration needed before creating a POA, a vital decision being, naming the agent. While making a document, you can discuss wishes and expectations with the rest of the family.
- Prevents doubts about the principal’s intent: Fighting court battles over a person’s intent once he/she is incapacitated can be messy. A well-drafted POA, with healthcare directives, can eliminate the conflict of disagreement over the principal’s wishes. A written document serves as evidence of their intent and eliminates disputes.
- Immediate access to critical assets: A well-crafted POA includes provisions allowing an agent to access critical assets timely.
- Peace of mind: Signing a POA lessens your and your family’s burden to run to courts. So, to reduce tension, better manage time to get your Power of Attorney made by your legal advisor.
Now, there can be chances or circumstances where you need to get a Power of Attorney Traslation. This can be a tricky and complicated situation due to the structure and language of the power of attorney. However, there are expert translator services who have not only proficient translators but also have specialized legal team, to work on your documents to make sure every single word is translated and every minute detail counts, while your POA gets translated. There are some rules where a country allows to designate someone in another country as your agent. A power of attorney needs to be maintained in both the languages legally and certified to be valid in the country where it is to be implemented.
So, if you require urgent translation and need an expedited power of attorney translation, click here!