2023-11-22 09:59:35
The legal world, and specifically the notarial law sector, seems to be written in another language for those who are not used to moving in these areas. Rather than causing rejection, it is important to try to understand it because it can affect you in such delicate moments in life as managing an inheritance.
Have you ever heard of the power of ruin? Is about a power of attorneythat is: a set of documents that are granted to a notary when a person cannot be present to carry out certain procedures.
It can happen for various reasons, but you have to be very careful because doing this can lead to serious consequences, so it is essential to be safe. After all, You are delegating your powers and it may affect you on a legal and economic level..
The two powers to delegate
Understanding this, there are three types of powers in these cases. The first of them is the specific power of attorney, which with provided exclusively for one action particular.
The second is the so-called general or ruinous power of attorney, by which it entrusts great powers with which it can act for the client in matters as relevant as banking matters, purchases or donations.
Of course, it is always specified how long this transfer will be valid, which ends when the desired action has been completed, or also when the person dies or becomes mentally incapacitated.
The Civil Code also establishes a preventive power which is signed in full use of mental faculties, but which remains in force even if the person suffers from an intellectual disability.
How can it affect an inheritance?
It must be understood that this legal tool is usually used in delicate life situations and is normally They are granted to family members or people of maximum trust. For example, it is common for it to be passed from parents to children when they reach a certain age and want their descendants to manage their assets.
Something that is also common is to give this power to several children or to several people, who would be the legal representatives. But with the condition that several of them have to agree before making any decision.
What you can do with the power of ruin
Real estate and commercial transactions. Renounce and compromise assets or rights. Ask for a bank loan guarantee or sign a mortgage. Make payments and collections. Make donations, reject them and even accept and reject inheritances. Establish a commercial company. Open checking accounts and manage. Make financial investments. Manage administrative procedures in all institutions.
Knowing everything that can be done, it is an option to consider, but you have to think very carefully about who will be the chosen person. Also, if you can leave more than one representative, the better.
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