In undertaking any type of activity in Spain, you must have full faculties to be aware of what you are doing.
But time is unforgiving, and once you reach a certain age you may develop health problems that can affect your neurological or physical health. In such a situation, you may be constrained in making important operational decisions or may feel insecure.
A poder preventivo, equivalent to a lasting power of attorney in the UK and other Common Law jurisdictions, is a resource designed to prevent this type of situation and ensure that you are not limited in the future. This lasting power of attorney in Spain is a power of attorney made in favour of a third person in order for them to represent you and act on your behalf in the event that you do not have the full powers to do so yourself.
The aim of this procedure is to prevent you from being compromised in the future and not being able to conduct actions on your own. At some point in your life you may find that your health makes it impossible for you to do certain transactions, such as going to a bank to sign documents or complete a purchase or sale.
If you were cautious and made a Lasting Power of Attorney in Spain, when the time comes to close a business deal or buy or sell a property, you will be able to do it through the person who hold the Power of Attorney.
This Lasting Power of Attorney in Spain is used to protect yourself against possible future problems and it is best to rely on people you trust to give them this power to represent you.
Making a Lasting Power of Attorney in Spain is important, but you can do it in different ways. You can give the person a Health and Welfare Power of Attorney, to decide on medical care or place of residence in the event of diminished capacity.
Another option is to make a Property and Financial Affairs Power of Attorney. This implies that the proxy determines how movable and immovable property and bank accounts are to be managed.
Furthermore, you can make the Lasting Power of Attorney work in two different ways. On the one hand, the Lasting Power of Attorney can be established to be used from the very moment it is granted. This Lasting Power of Attorney would become operative from that moment and would remain valid at the moment of invalidity.
On the other hand, it is possible that the Lasting Power of Attorney granted only takes effect at the point in time when the donor is declared to be invalid or incapacitated.
In Spain, a Power of Attorney can be granted in favour of any natural person upon request. There are no restrictions as to who can make a power of attorney. With regard to who may be recipients of this type of power of attorney – who are called attorneys –, bear in mind that it may be issued in favour of companies or individuals.
These attorneys must have full capacity to act and to manage all types of transactions.
Finally, the Lasting Power of Attorney must be registered in order to be effective, and the registration is compulsory in order to comply with the law. The cost of registering a Lasting Power of Attorney can range from €60 to €150.
A Lasting Power of Attorney can be revoked or modified at any time, especially if the donor of the power agrees to these changes. However, the documentation required to grant this Lasting Power of Attorney must be taken into account.
You will need to provide documents such as an ID card and a birth certificate. The details of the attorneys, such as name, surname and ID number, must be very clear.
The provisions of the Lasting Power of Attorney must be specified in detail. Everything you want to be included in the Lasting Power of Attorney must be very well detailed at the time of the drafting so that when the time comes for it to come into force it can be effective in all the established areas.
Establishing a Lasting Power of Attorney in Spain does not require the intervention of the recipients of the power of attorney, it would be sufficient for the individuals granting the power of attorney to be present.
A Lasting Power of Attorney is a way of securing your future and guaranteeing that everything will be organised the way you want it to be when the time comes. Therefore, anticipating yourself and making this Lasting Power of Attorney is important so that you can have peace of mind about the future.
This Lasting Power of Attorney has been used more and more frequently in Spain, since it enables elderly people to attend to their financial affairs and the management of their assets when they no longer have decision-making capacity and may need help in any transaction or operation.
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