How to Assign Power of Attorney for an Offshore Bank Account

A Power of Attorney is a legal document that allows another person to act on your behalf on specific things. It's like writing a note saying it's okay for your friend to come in your house and feed your dog while you are on vacation. So, if you think you might need someone else to take care of your offshore bank account here's how to assign them Power of Attorney.

Difficulty:

Moderately Easy

Instructions

1. Identify yourself and your attorney in fact; list full names, location of your residences and passport numbers.

2. Decide if you need a durable Power of Attorney or an ordinary one. An ordinary power of Attorney expires when you become incapacitated while a durable Attorney-in-Fact allows someone to make decisions for you after you are unable to make them for yourself.

3. Specify that this is a limited power of attorney and it grants access to a particular bank account. Include the bank's physical address and the account number in the document.

4. Write in any other specific instructions, limits or responsibilities that you or your Attorney-in-Fact may have in your agreement.

5. Set a specific date for the termination of the Power of Attorney if you desire.

6. Sign the Power of Attorney in accordance with local laws where the document is signed and the bank's specific rules.

Tips & Warnings

• Many online legal form providers offer custom-tailored Power of Attorney forms.

• Attorney-in-Fact is the person who you want to act on your behalf.

• If you do not know the offshore bank's rules for signing Power of Attorneys, it is a good idea to get it witnessed and notarized.

• Contact the offshore bank's customer service dept to get a bank approved Power of Attorney.

• Never give a Power-of-Attorney to someone you don't trust.

Resources

• An online legal form provider.
• Thetaworld's official website.