Selling Shares with a Power of Attorney (PoA)
If you’re acting under a Power of Attorney (PoA) and need to sell shares on someone else’s behalf, One Off Trades offers a straightforward and efficient process to assist you.
A Power of Attorney is a legal document that allows an appointed individual (the attorney) to make financial and legal decisions on behalf of another person (the principal). This arrangement is particularly useful when the principal is unable to manage their affairs due to absence, illness, or incapacity.
There are two primary types of PoA:
- General Power of Attorney: Grants authority for a specific period or purpose and becomes invalid if the principal loses mental capacity.
- Enduring Power of Attorney: Remains effective even if the principal becomes mentally incapacitated.
It’s crucial to ensure that the PoA document explicitly authorizes the attorney to manage and sell the principal’s shares. While the authorisation does not need to refer specifically to selling shares, it must at a minimum permit financial transactions.
At One Off Trades, we’ve streamlined the process for attorneys to sell shares on behalf of principals:
- Complete the Online Share Sale Form: When completing the form, indicate that you’re acting under a PoA and upload a certified copy of the signed Power of Attorney document that authorises you to act. All documents must be certified by an authorized individual, such as a Justice of the Peace, solicitor, or police officer.
- Identity Verification: The authorised attorney(s) will need to undergo an identity verification process to ensure compliance with regulatory requirements.
- Scope of Authority: Ensure the PoA explicitly permits the sale of shares.
- Validity: Confirm that the PoA is current and has not been revoked or expired.
- Certification: Documents must be recently certified, typically within the last three months.
- Multiple Attorneys: If multiple attorneys are appointed, determine whether they must act jointly or can act independently, as specified in the PoA. If they are required to act jointly, each attorney will be required to complete identity verifications.
We specialize in assisting individuals with one-off share sales, including those acting under a PoA. Our process is designed to be:
- Efficient: Streamlined online procedures minimize delays.
- Transparent: Clear communication at every step ensures you’re informed throughout the process.
- Compliant: Adherence to all legal and regulatory requirements provides peace of mind.
If you’re ready to sell shares under a Power of Attorney, click here to begin the process.
For further assistance or inquiries, feel free to contact our support team.