Why it is important to use proxies!

6 Reasons to Use Powers of Attorney

Power of Attorney is an exclusive document that lets you handle many more tasks at a time. This is done by conferring certain powers on another person or, in other words, your relatives, friends, colleagues, and others can do something for you. However, in my interviews, people seem to be worried about using the powers of attorney either for lack of full confidence or because of the desire to do everything by themselves. In the following lines, I will try to convince you why the power of attorney really is an extraordinary tool in dealing with busy everyday life.

1. Saves time and money

This may be the main feature of the power of attorney and the number one reason for them to be used. Whether you are involved in a transaction or simply for submission of documents, signing a power of attorney will certainly release your schedule and give you the opportunity to do something more useful. Here is the time to mention the funds you have to spend to fulfill your obligation. Imagine, for example, that you are the owner of a 1/100 piece of a hereditary property. You live abroad and the property is located somewhere in Bulgaria. You want to sell this part, but for this you will have to appear personally in front of a notary. And not any notary but the one who serves the area in which the property is located. In other words, you will have to spend a little money to move up there, waste a little time, and eventually return to a sheet of paper that says you are no longer the owner. Instead, you can simply authorize a relative who is located where the property is and to appear before a notary and do all the work for you. I'm sure there will be a way to spend the time and money saved.

2. Increases your productivity

As a continuation of the above paragraph, it should be noted that as a result of not having to think of different duties that are not essential, you release your mind and you are focusing on activities that matter to you. This has a direct impact on your productivity. Lost time in offices, document submissions, administration problems is invaluable. That's why it's good to think in advance if you can save it.

3. Saves effort

I'm sure you have relatives and relatives whose movement is a problem. This problem has increased even more in the past one or two weeks when the temperatures outside were terribly high and the heat was the cause of not one or two crisis situations. Nonetheless, your relatives suppose I had to go out because of different needs. Why, for example, do you not offer them a power of attorney, and you can do these urgent things that put their health at risk and thus save them a lot of effort and headaches? For example, getting a pension, which is undoubtedly of primary importance to the elderly, would be without any problems and difficulties for them.

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4. It is certain

As has already been said, many people do not resort to the use of powers of attorney due to lack of full trust in the person they might possibly be able to cooperate with. However, there are a number of ways to ensure the security of the authorizing officer. The basic rule is that the authorized person has exactly the same rights as stated in the power of attorney. That is, when you sign a power of attorney, you can specify exactly what the person will be able to do for you and how much, for example, to withdraw money from your account, but not more than $ 200.

Next, you can specify a specific period of time during which the power of attorney will take effect, for example, by the end of the calendar year or within one month of signing, etc. It is possible to designate several persons to represent you by explicitly mentioning that they should always act together. That is, to sell your car, for example, your two brothers will have to sign, not just one of them. Last but not least, you should be able to simply withdraw the power of attorney at any time you wish. That is, whenever you judge that there is a danger of being abused by the rights you have given to a person, you may claim that you withdraw the power of attorney, and that person will no longer be able to do so. It is a good thing that this refusal is certified by the notary so that in the event of any dispute you can have proof of the moment when the withdrawal was made.

5. It's free

Although this point is not quite rightly stated, I dare say that much of the power of attorney really is free to compile. The law lays down a general rule that proxies must be certified by notary in cases where a contract with a notary is required for the conclusion of a contract. The most common examples of this hypothesis are, for example, the disposal (sale, donation, etc.) of property or disposal. In other cases, a simple form, or in other words, a white sheet, which specifies the powers to be provided and the signature of the person providing it, is required.

There are exceptions to this rule, in which the law explicitly states that a power of attorney is required to perform a given act. This is the case, for example, when receiving a pension, when submitting VAT registration documents and others. In these cases you will have to go to a notary to draw up your power of attorney. There is also the hypothesis in which certain institutions in their internal rules for dealing with clients require that the power of attorney be certified by a notary public. This is often the case with banks that have very strict rules in this respect. It is debatable whether this is lawful and appropriate, but I am inclined to argue that it is better for the security of the relationship to be certified by a notary. After all, the price you pay if you have prepared your pre-authorization is only 6 leva. This is certainly an amount that is insignificant in view of the headaches that may eventually arise.

6. You can always alone

Power of Attorney is an instrument by which you authorize another person. This, however, does not mean that you can not do certain actions yourself, regardless of the fact that you have already authorized another. In every situation when you think you can do something, you do not have to worry about signing a power of attorney. It does not deprive you of your rights, but only extends the circle of people who can exercise them.

That is why, and in view of everything that has been said so far, I dare to say that proxies are a type of document that not only does not harm, it can only be of use to you. Use should become a routine for most people because they save time, save money and enable you to focus on the more important and priority things for you.

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Attorney at law Iuila Danova

#3, Dobrotica Str., Varna, Bulgaria

Mob: +359 895 64 59 40

WWW: advokatvarna.com

Email: iulia.danova@abv.bg