definition of power of attorney

The Power of Attorney it's a private document, signed by a grantor and two witnesses, which keeps the appearance and drafting of an informal letter and with a less formality than that of a power of attorney, through which the aforementioned grantor will empower a certain person to the time of the performance of legal acts on their behalf, that is, they will assume the representation of the grantor.

Private document through which a person grants a power of attorney to another to represent him in some matters

As it is a use at the request of legal acts that present a small amount, the ratification of the signatures that appear at the bottom of the same will not be required.

In other words, the power of attorney is that document that allows a person to act on behalf of another person. In some way, it is about the delegation of the person who creates the aforementioned document or power of attorney, that is, the interested party, to that other person, who would be the representative, to whom he decides to grant nothing more and nothing less than his power of attorney to the time to act.

It is a private document, that is, it is extended between individuals to understand private matters.

Scope and applications

Depending on the situation and the grantor's requirements, the power of attorney may be general or, failing that, limited. The limited power of attorney will give the representative the authorization to act on behalf of the interested party only in those specific matters, which are specified therein. For example, an individual who receives an inheritance property decides to lease it and then since he cannot take care of the collection of the rent, he will issue a power of attorney authorizing his lawyer to collect the amount of the same each month when appropriate.

And in the case of a general letter, the representative will act on behalf of the grantor in a variety of actions. For example, an individual inherits a company and since he cannot take care of the management of it because he lives in another country, he decides to make a power of attorney in favor of a trusted friend of his who resides where the company so that he can take care of it. itself in its entirety, that is, it can hire staff, buy supplies, sell furniture, among other issues inherent to its administration.

One of the most widespread uses of it is given at the request of collecting pensions or pensions. When the retiree is very old and his health does not allow him to travel to the financial institution where he collects his monthly salaries, it is usual for him to extend to a relative or trusted person a power of attorney so that he can do so on his behalf.

Now, always, a legal procedure must be carried out beforehand in which the relationship between the person who gives the power and the one who receives it, and the consent of the retiree, is declared and attested.

Information to be contained

Regardless of whether it is a limited or general power of attorney, it must contain the following information: name of the person who receives the power of attorney, specific statement describing the powers, obligations and responsibilities that the representative will have, statement of the time during which they will receive the power of attorney, the signature of the grantor, which of course is what gives it absolute validity, the name of the institution or organization receiving the power of attorney; The word grant must also be recorded in that part in which the powers that are assigned are described, a brief argument about why this power of attorney is being issued, names and signatures of the witnesses and the date in case it provides of a defined and limited duration.

As the power of attorney can be carried out without the need for a notary to endorse the procedure, it will be essential that a lawyer is always consulted beforehand who can explain to the intervening parties its scope and also its validity according to current legislation.

If the power of attorney is signed in front of a notary public, it will have a higher value, while if it is signed and presented to the competent authority, its assessment will be less than with the consent of a notary public.

On the other hand, the power granted through it may be temporary, that is, the period of time for which it will be given is defined, with an expiration date thereof. Or, on the contrary, it may not be indicated and for example it is a power of attorney that is granted indefinitely or until it is revoked.

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