Know the role and responsibilities of a General Power of Attorney

1. Know the Role and Responsibilities of a General Power of Attorney A General Power of Attorney Agreement is a legal document that allows one to handle his general a?airs e?ciently. It permits the attorney to act upon matters on behalf of the principal. It can be anything from managing financial a?airs and purchasing/selling the property to any other personal or business transaction type. A general poa in Dubai is essential for any individual who requires that some legal or other financial matters be run by di?erent parties. It is essential that expatriates and residents in Dubai know the implications of giving a General POA since this would yield considerable control over a?airs. Comprehending the role and responsibilities of a General Power of Attorney The parties should ensure that the document is drafted clearly and contains all the roles and responsibilities. Here are the five key points which point out the responsibilities: Broad authority A General Power of Attorney grants the person named within the agent power to do most things for the person giving the power, often called the principal. Moreover, this may go as far as running financial matters, business, or personal decisions. An agent can legally perform almost anything done by a principal. If the principal is not available the agent will be able to pay all bills, manage investments, and even handle tax-related matters. Financial management Among the most basic responsibilities of an agent is to manage, operate, and oversee the principal's financial a?airs. An agent is bound to act according to the principal's best interest by ensuring all the actions involving finance are prudent and not outside the realm of law. The agent may need to withdraw money from the principal's bank account for payment of essential expenses, using the money suitably. Property and real estate They may perform all acts relating to property and real estate. This may include purchasing or selling property, managing rental properties, and dealing with any kind of legal proceedings in relation to real estate. The agent must always ensure that actions are made in the principal's best interests. In the case of rental property, if the principal owns one and needs an agent to collect rent or sell the property, that can be done. Business decisions If the principal is a business owner, they can allow the agent to act on their behalf and administer such business upon their unavailability. Moreover, this can be exercised by handling their contracts and running the day-to-day activities. The agent is supposed to

2. bargain for a new contract for the business or make any crucial purchasing resolution to ensure that the company runs well while the principal is away. Legal representation An agent holding power may also act in a legal capacity for and on behalf of the principal. This would include signing legal documents, appearing in court, and making decisions of a legal nature. The fiduciary agent is mandated to act within the authorities provided by the principal, subject to applicable laws and ethical rules. Thus, if the principal is suing or sued, an agent hires a lawyer and settles the case. Final words To sum up, obtaining a general power of attorney in Dubai is vital for individuals planning to grant somebody powers to manage legal and financial matters on their behalf. The presence of a general power of attorney UAE gives a sense of security that everything will be left in good hands. It is a document securing the e?ective handling of your matters in your absence.