Special Power of Attorney vs General Power of Attorney
Your Filipino Lawyer in Toronto clarifies the difference between a Special Power of Attorney and a General Power of Attorney. A Power of Attorney is a legal document that gives one or more persons the authority to manage your affairs i.e., money and property for you. Not everyone is required to have a power of attorney, however, having a Power of Attorney is a good idea to help you in case you become unable to manage your own finances. Not all powers of attorneys are the same. In this article, we will be talking about the differences of special and general powers of attorney.
SPECIAL POWER OF ATTORNEY (SPA)
A special power of attorney is a legal document that sanctions a person, called an attorney in fact or an agent, to act on behalf of another person, referred to as the principal, under specific, plainly, clearly made factual circumstances.
A special power of attorney should be notarized to be legally binding. Special power of attorney narrows down what choices the agent can make. The principal may create more than one special power of attorney. It is important to note that the principal has to be very specific about the powers that the agent will have.
GENERAL POWER OF ATTORNEY (GPA)
A general power of attorney is a legal document whereby one person called the principal gives another person called the attorney-in-fact or agent the power to handle the Principal’s assets and affairs on behalf of the principal while he or she is alive. The principal gives the agent or attorney in fact the power to do any and all acts that the principal can perform. For instance, if you will be out of the country for at least a year or longer, your agent will carry out your transactions for you.
Note: The power of attorney becomes void when the principal passes away. The deceased’s last Will or a Trust takes priority.
AJ Law LLP’s office is located in the same building as the Philippine Consulate General which makes it very convenient for our clients to find us and let us help them regarding this service. At AJ Law LLP, our Filipino lawyer can help you with the drafting of your SPA or GPA.
Get in touch with our Angeles & de Jesus Law LLP team at 160 Eglinton Avenue East, Suite 406, Toronto, ON or via phone at +1 (416) 409-5991 or email us at [email protected] for your FREE INITIAL CONSULTATION. You can also visit our website https://www.ajlawpartners.ca/ for more information about the services we offer. We would be pleased to serve your legal needs.
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