Wilfred Yap advice on Power of Attorney
SUPP PCB Chief, Wilfred Yap advised the public that a Power of Attorney is a legal document that gives another person (agent) the right to make certain decisions on his or her behalf and that there are risks involved.
This is, he pointed out, very difficult for the giver of the power of attorney to hold the agent accountable for wrongful conduct after giving them such powers.
Yap was recently approached by a women seeking advice on the legal implications of granting a Power of Attorney. The women concerned had earlier granted a Power of Attorney to another person who had entered into a Tenancy Agreement on her behalf and there is a dispute on the rental collected.
Additionally, he added there is little oversight with a power of attorney since it is contractual in nature. It is up to the person who signed the power of attorney to make sure it is used for his or her benefit and not in any way that deprives him or her of money or property wrongfully.
SUPP PCB would like to inform the general public to be very cautious and careful before giving someone a power of attorney. It is best to avoid giving a power of attoney to someone who have a poor history of poor money management, history of dishonest conduct, financial problems or other traits that make him or her unsuitable to serve in a primarily financial or fiduciary position.
Before signing any power of attorney, the public is advised to seek independent legal advice about its legal effect and implications. This is because a power of attorney is extremely dangerous in the wrong hands.
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