A Power of Attorney will enable completion your Overseas Transactions without the need to Travel

It is now possible that the unfolding crisis driven by the coronavirus pandemic will require a longer period that Europe and the UK are likely to be in lockdown.  Many people, both individuals and businesses, will have been in the middle of cross-border legal transactions when the borders closed and travel became impossible. It is not be necessary for your business deal or personal transaction to stall or be lost while the world waits for the crisis to pass. There is a means by which you can complete the legal formalities by drafting a power of attorney. A power of attorney provides legal permission for a third party (the attorney) to sign documents on behalf of the person commissioning the power of attorney (the donor) most frequently used when the donor cannot be present to sign a document for themselves.

A power of attorney can be created to enable commercial matters to be dealt with without the need for the physical presence of a person who is party to the matter who is overseas.  Giambrone’s laywers frequently assist businesses to manage a variety of commercial transactions in a number of countries by the use of powers of attorney as well as enabling individuals to buy and sell overseas property, deal with the disposal of an estate inherited from a relative in Italy or Spain or any other investment or financial dealings overseas.

The most appropriate type of power of attorney is an ordinary power of attorney which is commonly used for commercial matters and does not relate to the types of power of attorney that enable the designated attorney to deal with the donor's personal welfare should they lose mental capacity. 

An ordinary power of attorney can help you with

• overseas property transactions
• cross border litigation matters
• overseas inheritance cases
• foreign corporate transactions

An ordinary power of attorney is ideally suited to the present situation that the coronavirus has caused, it has the advantage of applying indefinitely, if the commissioning party so wishes, therefore for a business or individual who has a repeated need for a power of attorney to enable transactions to be enacted now and in the future it is the ideal choice. Also, it can be specifically drafted to suit your particular requirements.  A power of attorney is governed by the laws of the country in which it is required to operate.  An ordinary power of attorney ceases to operate if either the donor or attorney dies, or becomes mentally unfit or if the attorney is declared bankrupt.  If your transaction requires more than one attorney you will have to draw up a power of attorney for each attorney required.

Giambrone’s commercial lawyers hold power of attorney for a considerable number of businesses and are well placed to assist businesses and individuals with a host of transactions, agreements and contracts.  During the current lockdown across Europe restricted travel does not have to prevent your objectives from being achieved; your interests will be protected and you will be able to complete vital transactions without the need for your presence. A power of attorney can travel when you cannot.

If you would like to know how a power of attorney can help you with your foreign transactions please click here