There are a lot of occasions in life when one needs to assign someone else to manage their affairs, assets, properties and/or execute a deal on their behalf.
We can expertly draft a Power of Attorney in accordance with legal requirements. The law prescribes certain formal and substantial requisites that must be conformed to by the Grantor and Agent for the POA to be valid.
What is a Power of Attorney?
A Power of Attorney is a legal document that grants authority to another person or company to act on your behalf in specific transactions like buying and selling real estate. This power of attorney can either be General, giving the agent broad powers, or Special with limited scope and duration. The individual who gives the authority is called the Principal or Grantor and the person who receives it is known as the Agent or Attorney-in-Fact.
The POA must be signed by both the Principal and Agent in order to be valid. It is also required to be accompanied by witnesses and certified by a Thai embassy or consulate, or a notary public if the Principal completes the form outside of Thailand.
Our firm understands the terminology and structure that must be included in a Power of Attorney to ensure it is recognised by all Thai government agencies, banks, and other businesses. We can assist with the drafting of a Power of Attorney tailored to meet your particular needs.
What is the difference between a Power of Attorney and a Will?
Having a Power of Attorney allows you to authorize another person or persons to manage your property, assets and/or carry out a deal in your absence. They can do this for a variety of reasons such as selling or purchasing land and properties, managing bank accounts, keeping safe deposit boxes etc. POAs can be general and grant broad legal authority or they can be special and limited to a specific circumstance.
If you are planning on purchasing real estate in Thailand and cannot be present to perform the transfer of ownership at the land office, we can assist by drafting a Power of Attorney for you. This can be general or special and must comply with the formalities and requirements set out by Thai law.
We will draft the POA in line with your requirements and will ensure that it has been legally signed and notarized. We have a team of lawyers who are first speakers of the Thai language and who are highly experienced in English.
What is the difference between a Power of Attorney and a Living Will?
A Power of Attorney is a legal document that gives someone the power to act on your behalf. It can be used for a short-term in specific transactions or it can be durable and remain in effect even after your incapacity. It is important that the powers granted to the agent are clear and that the document is notarized to make it enforceable in case of dispute.
A health care power of attorney allows you to appoint a trusted person to make medical decisions for you. Unlike a living will, a health care power of attorney can be triggered by an emergency and can apply to end-of-life treatment as well as other areas.
Regardless of the type of POA you choose, it is important to have the document notarized. The notarization will verify that the person who signed is of sound mind and that the power of attorney is not revoked by any other parties.
What is the difference between a Power of Attorney and a Trust?
A Power of Attorney is a legal document authorizing another person to make decisions on your behalf. Whether you need a power of attorney for a short term, limited scope or to manage an entire business on your behalf, we can provide consultation and assistance in drafting the proper document for you.
Generally speaking, a Power of Attorney is used by the “principal” to empower an individual, or “attorney-in-fact”, to act on their behalf. This person can be a friend, family member or even a lawyer.
However, it is important to note that a Power of Attorney does not control anything that is already owned by the Trust; it only controls those assets not owned by the Trust like a personal bank account or retirement accounts. Also, Power of Attorney documents must be notarized by a Thai Notary or certified by the embassy/consular office or a notary public when completed outside Thailand. This is important for ensuring that it is recognized and accepted by the various Thai government agencies, banks and other businesses.