What is power of attorney? Power of attorney review

introduce

When you give someone a power of attorney, you are giving him or her the legal authority to handle financial and legal matters on your behalf: this may include paying bills, depositing or withdrawing money from your bank account, investing your money, or selling your house on your behalf. The person you authorize is called an "attorney" (attorney does not mean a lawyer); you are called the "adult." A power of attorney does not give the trustee the power to make decisions about your health care. The scope of authorization only covers financial and legal matters.

Classification of power of attorney

1. General Power of Attorney

This type of power of attorney has a wide range of applications, including handling property sales, mortgage loans, and even handling withdrawals, deposits, and general matters in bank accounts. In other words, this is an unlimited authorization, and as long as it is legal, the authorized person can sign and handle matters on behalf of the authorized person.

A general power of attorney is usually made to a relative or a person you trust, most commonly between a husband and wife, or between parents and children. If the parents are old and do not understand English, they will entrust their children to handle all matters on their behalf.

A power of attorney is generally valid for three years, but if you want the power of attorney to continue to be valid after three years, you must specifically inform your lawyer in advance when making the power of attorney and include specific terms.

2. Specific Power Of Attorney

A designated power of attorney is to specifically specify that you are entrusting someone to do a specific thing. For example, you may only entrust someone to purchase a property and specify the address of the property to be purchased. Apart from this, they cannot handle other matters on your behalf.

This type of designated power of attorney is often given to siblings or friends to complete the agency tasks at one time.

Usage Examples

For example, if I ship a DDU shipment to the United States, the U.S. consignee needs to give my U.S. branch a POA authorization for customs declaration and an EIN number, so that my U.S. branch can clear customs for him. The POA is equivalent to a customs declaration power of attorney, and the EIN number is equivalent to the customs registration number.