A Power of Attorney is a written and signed legal document that gives authority to another person to make decisions on your behalf if you cannot do so for yourself.
The purpose of a Power of Attorney is that it is both a business tool for business continuity and a personal tool in planning and managing your estate.
In the business of a sole proprietor or a single member Company or in a small business with 2-3 Directors, every person is a “key person” and their absence can disrupt the flow of business when there is no one available to act in that capacity to authorise or sign off on important documentation.
When granting a company power of attorney, one needs to consider the extent of the power based on when the power applies, in what decisions or the type of situations your attorney may need to step in.
In the case of planning and managing your estate, Powers of Attorney may become the instruments that protect your financial and real estate interests, your health, and even your manner of dying. If you are incapacitated and have no Power Of Attorney designated to take control, your family will likely be forced into costly and time-consuming delays.
Parties to a Power of Attorney are the Principal (the one who donates the authority) and the Attorney (donee) who are required to sign it and have it witnessed. The Attorney does not need to be a lawyer.
A power of attorney only remains effective as long as the principal is alive and competent to make decisions.
The Attorney owes a fiduciary duty to the principal to act solely within their best interests.
The Duration of a Power of Attorney is however long you set it up to last. If you set a date for a power of attorney to lapse, then it will last until that date. If you create a general power of attorney and set no date for which it will expire, it will last until you die or become incapacitated.
Lastly, a Power of Attorney can be revoked in writing by either the Principle or the Attorney at any time during its duration.
Where it is a requirement, a Power of Attorney or its revocation must be registered with the Registrar of Documents.
If you need a Power of Attorney You can now get it online Here