Power of attorney in Spain
A power of attorney is a mandate given in writing before a Spanish Notary Public and executed as a deed by the donor (person giving the power of attorney) in favour of a third party (attorney).
The powers given may differ depending on the transaction or legal act for which the power of attorney is necessary.
Most powers of attorney do not contain an “expiry date” upon which the document ceases to be valid. However, the donor is free to request the authorising notary to include an expiry date in the power of attorney.
Powers are automatically terminated by death of the donor or the attorney, by declared insolvency or loss of capacity of either the donor or the attorney.
We all are aware that we can grant these powers of attorney to lawyers to purchase/sale or even accept inheritances in Spain. But are you aware that you can sign a specific power of attorney (“Poderes preventivos” in Spanish) to make your power of attorney still valid in the event of losing your capacity.
You have to be aware that in the event you have lost your capacity and you need to sell your property, your partner/children are not allowed to sale the property unless they obtain prior judicial authorization or you this specific power of attorney I am referring to is in place.
You might sign two types of specific power of attorney, one which is valid all the time including in the event of losing your capacity and another one which only comes into effect when there is a loss of capacity.
Powers of attorney always involve a risk so it is fundamental that the attorney is reliable individual or professional firm who will follow strictly the donor´s instructions at all times with the utmost diligence.
If you need a Power of Attorney in Spain or wish to know about the operation of Powers of Attorney in Spain then contact me now.