Importance of power of attorney in Bangkok
A Power of Attorney is a powerful document that grants permission to a person to act on the other’s behalf. The person who gives that authority is known as the Principal or the Grantor. The one who is been given the authority is known as the Agent or the Attorney-in-Fact. In Thailand, there are generally two types of Power of Attorney including General Power of Attorney and special Power of Attorney.
If you are interested in learning more about the Power of Attorney, here are a few benefit of the power of Attorney:
- A Power of Attorney becomes essential during any special circumstances such as a person who is working in the military service and is deployed outside the country can develop a power of attorney and grant it to be used by any of his/her family members on behalf of them in case they are injured.
- People also set up a Power of Attorney if they are traveling extensively. This is for granting permission to someone who can act on their behalf in case they do not have a spouse to take care of the affairs back home.
- The Special Power of Attorney in Thailand has limited scope and is valid only for a limited duration. This is often used when a person cannot handle a specific commitment or in case of their incapability to handle the affairs during any short-term illness. For instance, you can grant this Special Power of Attorney to a person for tasks such as signing a deed or collecting a debt if you are out of the country.
- The General Power of Attorney in Thailand has much broader aspects. It is much comprehensive and can give Agent broad powers in handling tasks and act on your behalf. This includes signing important documents, managing your financial transactions, settling your claims, taking decisions pertaining to your business and any other duties that you specify in the Power of Attorney. A general Power of Attorney is valid until your death.
The law in Thailand requires both the Agent and the Principal to be legally capacitated and be able to both give and execute the powers as mentioned in the Power of Attorney. In case you need any help in drafting a Power of Attorney in Bangkok or any other place in Thailand, then contact us at +66 26260277Tags : drafting Power of Attorney, Power of Attorney Agent, Power of Attorney in Bangkok, Power of Attorney in Thailand,