A financial power of attorney is a set of legal documents that give a designated person an authority to act on behalf of the grantor in all fiscal and monetary matters. In many countries, the financial power of attorney is considered as the durable power of attorney, but the law may vary from place to place. A power of attorney is usually rendered null and void on the death of the grantor.
In Israel, the laws regarding the Financial power of attorney are different. There are two categories of Power of Attorney in Israel, including the General Power of Attorney and the Enduring Power of Attorney. The General Power of Attorney was the only one before 2017. In the general power of attorney, the agent would lose all control if the grantor would lose their mental faculties. This may be a result of an accident, or the condition may be medical.
In 2017, Knesset took an evolutionary step and introduced the concept of an enduring power of attorney. This allowed the grantor to give a person or an attorney an authority to execute tasks on their behalf. The enduring power of attorney would even hold when the grantor is considered no longer mentally competent. The Enduring Power of Attorney has following subpoints that are decided by the grantor:
- What conditions would give the agent the authority (a specific date, a particular incident or a certain condition) and who or what agency would have the power to act on behalf of the grantor.
- The domain of the power of attorney as to till what aspects would the authority hold for that agent. What would be the scope of the given authority and where will it be limited, and under what conditions would the power of attorney be canceled.
- Whether the agent is needed to go through certain evaluations?
- Which parties should be notified of the activation of the power of attorney? And who should overlook the execution of authority and duties?
The Israeli law requires a certified lawyer or a law firm trained for the purpose by the Administrator-General. Any document, albeit according to the Israeli law, signed outside Israel or Israeli consulate or without Apostille certification would be rendered null and void. The best law firms in Israel for Financial Power of Attorney are:
- David Page’s Law firm has been involved in corporate law for a long time. David has a lot of experience in corporate, intellectual property, and real estate law. David has also been an academician, and he brings a unique combination of theoretical and practical knowledge to the table. The firm has been involved with a lot of corporations, and they are an excellent choice for Attorney’s Financial Power or the drafting of such a document for your requirement. law firm that operates in the domain of financial power of attorney. The law firm has much more presence in the United States than Israel. The firm is known to represent more non-residential citizen i.e., people from outside of Israel.