Do you know what power of attorney is? It gives one or more people the authority to act on behalf of someone else. In the Philippines, there is something called special power of attorney that you should be aware of if you are planning a major transaction.
Most people don't even know about the special power of attorney in the Philippines and what kind of transactions require it. And with all the scams going around, it's hard to tell who to trust when it comes to making important decisions.
In this article, I'll explain the basics behind the Special Power of Attorney and how you can use it in different parts of your life, including business transactions, property transfers, and healthcare decisions.
Definition and Types
A special power of attorney is a legal document that grants a specific authority to another person to act on your behalf. It is different from a general power of attorney, which grants broad authority to act on your behalf in various matters.
In the Philippines, there are different types of special power of attorney, depending on the purpose of the document. Some examples of these types are:
- Real Estate SPA: This type of SPA authorizes another person to act on your behalf in selling or buying a property, or in any real estate transactions.
- Bank SPA: This type of SPA authorizes another person to manage your bank account, perform bank transactions, and sign checks on your behalf.
- Medical SPA: This type of SPA authorizes another person to make medical decisions on your behalf, in case you are unable to do so.
- Legal SPA: This type of SPA authorizes another person to act on your behalf in legal matters, such as filing a lawsuit, settling a legal dispute, or signing legal documents.
Requirements
To make a valid special power of attorney in the Philippines, certain requirements must be met. The following are some of the key requirements:
- The person making the SPA must have the legal capacity to do so.
- The SPA must be in writing, and it must clearly state the authority granted to the person acting on your behalf.
- The SPA must be signed by the person making it, and by the person authorized to act on their behalf.
- The SPA must be notarized, and it must comply with the legal formalities required by law.
- The SPA must be registered with the appropriate government agency, depending on the type of SPA.
Fees
The cost of a special power of attorney in the Philippines may vary depending on various factors such as the complexity of the document, the purpose of the SPA, the lawyer's fees, and the notarization and registration fees. The fees may also vary depending on the location and the lawyer's experience. It can cost from P400 to P1,500.
It is recommended to consult with a lawyer to discuss the specific requirements and costs for creating a special power of attorney tailored to your specific needs.
Uses
A special power of attorney has many uses in the Philippines, and it can be used for various purposes, such as:
- Real estate transactions: A real estate SPA is commonly used in the Philippines for buying or selling properties, and for other real estate transactions.
- Banking and financial transactions: A bank SPA is used to manage bank accounts, perform bank transactions, and sign checks on behalf of the person making the SPA.
- Legal and medical decisions: A legal or medical SPA is used to authorize another person to act on your behalf in legal or medical matters.
Cancellation of a Special Power of Attorney in the Philippines.
A special power of attorney can be revoked by the person making it, either by executing a new SPA that revokes the previous one or by sending a written notice of revocation to the person authorized to act on their behalf. The revocation takes effect once the authorized person receives the notice of revocation.
Conclusion
In conclusion, when it comes to the special power of attorney in the Philippines, there are a few important steps that need to be taken. From appointing an attorney-in-fact to having all documents drafted and notarized, getting special power of attorney taken care of can be a bit overwhelming.
However, by taking the time to understand the process and do your due diligence, you can successfully obtain the legal authority necessary to delegate tasks and manage investments on behalf of someone else. With clear expectations and understanding from both parties, special power of attorney has the potential to be a beneficial tool for those in need.
