Google trend - Procuration

Procuration - 10 things to know with detail

• A procuration is a legal document that authorizes someone to act on behalf of another person, usually in financial or legal matters. It grants the agent the authority to make decisions and take actions on behalf of the principal.
• The person granting the authority is known as the principal, while the person receiving the authority is known as the agent or attorney-in-fact.
• A procuration can be limited in scope, specifying the exact powers the agent has, or it can be broad, giving the agent the authority to make any decisions the principal could make.
• The procuration must be signed by the principal and the agent in order to be legally binding. It may also need to be notarized depending on the jurisdiction.
• The principal can revoke or amend a procuration at any time as long as they are mentally competent to do so. This can be done by notifying the agent in writing.
• A procuration is often used in situations where the principal is unable to handle their own affairs, such as due to illness, disability, or absence.
• Common uses of a procuration include allowing someone to manage a bank account, sign legal documents, make medical decisions, or sell property on behalf of the principal.
• It is important for the principal to choose a trustworthy and competent agent when granting a procuration, as the agent will have significant power and responsibility.
• A procuration does not grant the agent the authority to make decisions after the principal's death. In order to handle the principal's affairs after death, a will or other estate planning documents are needed.
• It is recommended to consult with a legal professional when creating a procuration to ensure that it complies with all relevant laws and adequately protects the interests of the principal.