A power of attorney can protect you and your affairs in case you need help managing them or you are unavailable. If you want to sign a power of attorney, you may have some questions about the details of how they work.
Are There Different Types of Powers of Attorney?
Yes, there are different types of powers of attorney that you can choose. A standard power of attorney gives an agent the ability to act for you as your representative. The legal document that you sign specifies the matters for which the agent can make decisions. For example, you might designate a personal assistant to make travel arrangements for you, or a trusted business associate to handle financial transactions for your company.
You should know, however, that a standard power of attorney will not be effective if you become mentally incompetent or if you die. To give an agent decision-making power in the event that you become incompetent, you can sign an enduring power of attorney. You must register the enduring power of attorney at the Supreme Court Registry of The Bahamas. See Powers of Attorney Act.
Who Should Be the Agent for Your Power of Attorney?
You can choose anyone who is an adult and of sound mind to be your agent, as long as he or she consents. When selecting an agent, consider the type of affairs about which he or she can make decisions. For instance, if you appoint an agent to do your banking, you may not want to choose a family member who is known for being irresponsible with money.
When Do Powers of Attorney Go Into Effect?
A standard power of attorney can go into effect at any time you choose and specify in the legal document. You might state that the power of attorney lasts only while you are out of the country, or you might indicate a triggering event – such as a hospital stay.
As to an enduring power of attorney, it only goes into effect once you register it. Further, you can specify in the document that it will only go into effect if you are mentally incompetent.
To find out more about powers of attorney in The Bahamas, visit Gonsalves-Sabola Chambers online or call the office at +1 242 326 6400.