Not every person has the mental capacity or the opportunity to set up a company in Ireland by being physically present, as circumstances are not always favourable. This holds during the purchase of residential real estate as well. Therefore, the Irish legislation, backed up by the Powers of Attorney Act 1996, empowers all individuals and businesses to appoint someone to act on their behalf. If you are interested in knowing more about this legal device, its two distinct types, and the benefits of engaging them, read on. The write-up has every bit of information you will require to learn more about Power of Attorney in Cork.
When To Appoint a Power of Attorney and What are its Two Types?
Enclosed are the conditions when an individual can appoint a Power of Attorney in Cork to represent oneself:
- When the person is incapacitated
- When the person is unable to handle a legal situation
- When the person is not present in Ireland yet involved in a company formation matter
Now, from the situations covered above, you can guess that these are not always general. Some instances arise due to incapacitation. Based on the same, you have two types of power of attorney to take things into their hands:
- Power of Attorney for generic or specific cases
- Enduring Power of Attorney for disabled persons
When Does a General or Specific Power of Attorney Come into Power?
The two are opposites from a power point of perspective. While the specific one is valid for a limited time frame, the general counterpart has no such ties. The former allows the agent to make decisions for a single issue. Once it is taken care of, the appointed individual shall no longer have the legal powers to exercise their entrusted rights.
On the contrary, the general power of attorney is delegated complete powers. Under the rights entrusted by the appointing party, the representative can participate in all sorts of matters, including but not limited to financial, property and business issues.
Throughout the process, the donor of rights has the upper hand over deciding the duration and the powers to be vested. Though there is no hard and fast rule for a family member to play the role of a power of attorney, it is best to delegate the responsibilities to an Irish lawyer. Steer clear of people convicted of bankruptcy, fraud offences and those who have been disqualified under the Companies Act.
When is an Enduring Power of Attorney in Cork Relied Upon?
Unlike the general or specific power of attorney, enduring power of attorney is involved when the donor of rights is mentally incapacitated. Besides acting on behalf of the donor, the individual takes personal decisions. However, it does not include healthcare decisions.
The bestowing of powers happens when the donor is in full mental capacity as it is a key element for the legal document to be valid. The legal right is, thus, delegated after a proper registration under the Registrar or Wards of Court is final. The donor cannot revoke it after that, but only after applying to the High Court can the rights be annulled.
Once an enduring power of attorney, the person shall continue to enjoy the rights until after the donor’s death. Only in cases where the appointed party is the donor’s spouse, the powers shall cease to exist when the party appeals to the Irish court for divorce, dissolution or annulment of marriage.
Power of Attorney for Business Purposes
As discussed in the introductory part, power of attorney can not only be vested by individuals to solicitors but also by business owners. Mental incapacitation may not be the sole reason here. The absence of the foreign investor in Ireland can also lead to lawyers handling important matters on the business owner’s behalf.
A business power of attorney enjoys the following rights:
- Operate bank accounts
- Take decisions for the company staff
- Make changes to the company strategy
- Wrap up company agreements
- Submit corporate documents
Delegation of rights to perform the above-mentioned actions have plenty of advantages, some of which are listed below:
- It is always wise to plan for a business owner’s incapacity to ensure the continuation of company operations. Otherwise, in the event of powerlessness, the company operations shall freeze. This can attract losses for small and medium companies.
- An appointed attorney can take company matters into his own hand in the event of the original business owner’s incapacity and ensure smooth operations.
- The appointed attorney can save important contracts from slipping through his fingers in the event of a business owner’s incapacity.
- An appointed enduring power of attorney in Cork offers company staff the time to rethink business strategy and plan for the organization to move on during an event as unfortunate as the business owner’s incapacity.
Postscript:
Get your personal and business affairs in order by appointing an enduring power of attorney in Cork, and get back to living your life. Enquire at Breen Walsh Solicitors LLP to enjoy the advantages of this legal document and stay assured of the peace of mind that things will take their course if anything unthinkable happens.
