A Power of Attorney (POA) is created by a person to authorize another person to act on his behalf. Called a “Doner”, this is the creator of the instrument, and the person entrusted with the authority is called the “Donee”.
Power of Attorneys may be written up for any aspects of business, personal, or legal matters, although the most common use of a POA is in signing transactions, usually the buying, selling and leasing of properties.
So common are POAs for property transactions, that there is a class of POAs called the HDB POA, unique to Singapore. This POA is executed for a limited and specific purpose for the purchase, sale or lease of HDB flats.
If you’re reading this, there’s a good chance that you may need to execute a property transaction while the legal owner is overseas or otherwise unavailable to transact. That legal owner may be you. Yuen Law can help you settle this quickly and efficiently.
However, POAs need not only be for property transactions. You can create a POA and entrust a donee with specific powers to act on your behalf for limited periods of time, or for specific matters only. Or you can create a general POA that allows the donee wide ranging powers to transact and execute legal transactions while you are away.
You can even create a conditional POA, which is only activated upon the occurrence of specific events. You can talk to us, to find out how you can use POAs for non-property transactions effectively, while guarding against its abuse.
A Power of Attorney is different from a Lasting Power of Attorney (LPA), which Yuen Law can also help you with. You can create an LPA that would appoint trusted Donees to oversee your welfare and finances, should you unfortunately become mentally incapacitated and unable to decide or make decisions for yourself.
Yuen Law LLC provides assistance in matters concerning Power of Attorney. Do contact us to make an appointment.