Everything You Need To Know About Special Power Of Attorney
It is possible that for you to leave the country but still need some of your special affairs handled. Say you are selling a house and you require the transaction to be completed while you are away. Or you need to complete loan forms with your bank and yet you are abroad on holiday.
All you need to do is sign a special power of attorney (SPA) to allow a trusted individual to represent you in completing these transactions.
What exactly is a special power of attorney?
SPA is basically a legal document through which you can appoint an individual or organization to take care of your affairs in your absence. It could be you are just unavailable, incapacitated, or on a trip abroad. The person to whom you confer SPA is either an agent or attorney-in-fact. They are free to carry out any transactions on your behalf.
To whom can you give a special power of attorney?
It is simple, just about anyone can act as your agent if you trust them. It could be a spouse, your father or mother, a child aged 18 years and older, a relative or friend. The person you appoint largely depends on you. It is, however, important that the individual is trustworthy and honest. After all, they will be your attorney-in-fact.
How to make an SPA
Anyone that needs to make a special power of attorney must do the following:
- Drawing a draft. First, you need to draft the deed and ensure all the details are captured. If you don’t have time for drawing a draft, why don’t you use a pre-drafted and customizable form?
- Printing on stamp paper. To be on the safe side of the law, get a stamp paper and print the document onto it. You must go through this step for as long as you live in the country.
- Sign the SPA. As the grantor, you must sign the SPA for it to be executable. Do that in the presence of two witnesses, who should also sign it.
What to include in an SPA
If necessary, any special power of attorney should contain the following details:
- Details of the donor. This is basically the name, address, age, and occupation of the grantor. This is what you should mention first.
- Details of the attorney. This includes the name, age, address and occupation of the attorney. Make sure you describe these details next.
- Details of what is to be done. What are you authorizing the agent to do on your behalf? Clearly, state it. It could be the power to sign a contract on your behalf.
- The donor’s signature. As the donor, you need to sign where the document ends and at the bottom of every page.
- The signature of the witnesses. The witnesses will provide their names, addresses, and the date to show that they witnessed the donor sign the agreement.