A Power of Attorney (PoA) is a legal document to appoint trusted individuals (‘Attorneys’) to make important decisions on your behalf. In Spain is not uncommon for international clients to grant PoA to legal firms. However, there are some issues to be considered in doing so.
What exactly is a Power of Attorney (POA)?
In Spain a Power of Attorney is a written authorisation signed before a notary public , in favour of a third party. It is a practical way of delegating authority to a person who will then be legally authorised to carry out certain acts with tax & legal implications.
The power of attorney in Spain can be general or specific, depending on whether the powers required are wide-ranging and long-lasting, or if it is issued for a specific purpose.
The most important matter to be considered when granting a Power of Attorney is to draft carefully the authority and consider the financial implications of potential negligence. The appointed lawyer must have a Professional Indemnity Insurance with a premium equivalent to the value of the assets over which he or she will have control.
Del Canto Chambers advises on all matters relating to power of attorney for UK clients with businesses, properties or family interests in Spain.
If you want to give a professional or a family member the power to manage your property, business or investments in Spain, you need to issue a Power of Attorney in Spanish, duly translated to english.
You can give a POA to any individual you trust. This can be drafted both in English and Spanish and Del Canto Chambers will advise you on how to limit the powers given, and which you should grant in accordance with your situation. We will then arrange for this to be signed by you in front of a notary either in Spain or the UK, ensuring that all requirements are satisfied so that the POA will have full legal effect.
The duties of the Lawyer when acting as Power of Attorney
The appointed lawyer’s primary duty is to abide by the terms of the Power of Attorney. The lawyer may only act to the extent of the instructions given. If the client gives specific instructions the lawyer must follow them strictly. It is good practice for the grantor to discuss and then confirm in writing any expectations they have for the lawyer.
The lawyer must always check with the client prior to any important decision is made and keep detailed records of all transactions entered into on behalf of the principal. The lawyer must act in the principal’s best interest and avoid any conflicts of interestThe agent should
Our bilingual English-Spanish lawyers will take care of the above aspects and will take the time to discuss your needs regarding any Power of Attorney’s concerns you may have.
What can Del Canto Chambers offer?
- Personalised service
- Access to double qualified English and Spanish lawyers
- Tax and legal services under the same roof
- Local insight