Definition of power of attorney

The Power of Attorney it’s a private type document, signed by a grantor and two witnesses, which keeps the appearance and wording of an informal letter and with less formality than that held by a power of attorney, through which the aforementioned grantor will empower a certain person to the time of carrying out legal acts in his name, that is, he will assume the representation of the grantor in them.

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 signatures that appear at the bottom of it 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. Somehow 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 to the time to work

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

Scope and applications

Depending on the situation and the grantor’s requirements, the power of attorney may be general or 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 that are specified in it. For example, an individual who receives an inheritance property decides to rent it and then, since he cannot deal with the collection of the rent, he will issue a power of attorney authorizing his lawyer to collect the amount of the rent each month when appropriate.

And in the case of a general type 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 its management because he lives in another country, he decides to make a power of attorney in favor of a very trusted friend of his who lives where the company so that he can take care of the 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 the collection of retirement or pensions. When the retiree is very old and his health does not allow him to move to the financial institution where he collects his monthly salaries, it is common for him to extend a power of attorney to a family member or trusted person so that he can do so on his behalf.

However, 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 is declared and attests, and the consent of the retiree.

Information that must contain

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 the power of attorney will be received, the signature of the grantor, which of course is what gives it absolute validity, the name of the institution or organization that is the recipient of the power of attorney; The word I grant must also be entered in the part that describes the powers that are the object of transfer, 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 period of time.

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

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

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

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