There are three different kinds of Power of attorney documents are available which are named as general POA, special POA and life long power of attorney. For the time being we are only concerned with the special power of attorney Dubai and will discuss different objects about it. These objects are like how this POA will be assigned, how it works, who can assign and to whom it will be assigned, time period for this and many other things which you can find out here now:
Power of attorney is an officially authorized document which has to be signed by two parties one who is allocating his right named grantor to another person named attorney in fact. Both have to read carefully the document before signing it because in case of any breach the guilty party can be accused by the law as this document is lawful.
Special power of attorney is a document which gives limited authority to the attorney in fact due to which he can make decision on the grantor’s behalf only for the specified events like buying and selling, decisions about business and other financial decisions. Because this is for certain tasks so the document should be vigilantly drafted after that the attorney should know clearly about his rights. There is another benefit in assigning a special power of attorney that the grantor can assign more than one POAs in the name of different people so that they all know about their legal obligations separately and can do their duty efficiently.
Special power of attorney is allocated when the grantor fears that his physical or mental health will not allow him in future to perform the financial tasks normally but if the grantor dies or become mentally handicapped wholly then this contract will become void and revoked. There is also a helpful law available for certain grantor which is Durable POA which allows the attorney to continue doing his work on grantor’s behalf even after he will become mentally handicapped in every respect but in case of death this durable POA will become revoked.
Certain amount of money has to be paid in order to convert your special power of attorney into durable POA and it will take some time for it to turn out to be legally applicable.