Power of Attorney for Joint Accounts

With a joint bank account in the UAE, both you and the other account holders can access and perform transactions independently. 

However, what happens if one of the account holders passes away? Here, the power of attorney for joint account comes into the scene. 

A joint bank account power of attorney acts as an agent representing you, the co-owner of an account.

 

Is Possessing a Joint Bank Account Power of Attorney Necessary?

Once you reach a legal age, you should consider getting a financial power of attorney in UAE ready. 

 

To choose your attorney, you need to take the following into consideration-

• The person you choose should be trustworthy and ready to take responsibility. 
• Make sure you not only cater to the needs of the beneficiary but also that of the co-owner of the joint bank account. 
• Ensure that the attorney can handle and manage the financial matters well. 

Open Joint Account Now

 

Steps Involved in Making a Power of Attorney for Joint Accounts UAE

Follow these steps to create a power of attorney for your joint account-

• Get Legal Advice: You should first connect with your lawyer to find out if you should create a power of attorney for your joint account. They will tell you about the options and give suggestions based on your circumstances. It is also essential to understand the contents of the documents and how they will affect you and your bank account legally. 
• Draft the Document: You should draft your power of attorney with the help and guidance of your legal advisor. Avoid using pre-made documents and make sure you include a joint bank account clause. 

Include the details of the person who will get the authority, the relevant bank account, and the bank or the financial institution that will receive the power of attorney. Make sure you also specify the details like powers and rights the principal would get as well as when the document expires. 

Note: In case the document expires, you can renew it in the UAE. 

• Notarise the Power of Attorney: It’s important to notarise the joint bank account power of attorney. This authenticates the identity of signatories in the legal document. 

Parting Note: Make sure you sign the power of attorney with a public notary as a witness. The document should then be taken to the bank account where the joint account exists.

 

 

How to Open Joint Bank Account in UAE?

You can effortlessly open a joint bank account via Policybazaar UAE. 

This third-party aggregator is your one-stop portal for all your banking and insurance requirements. Through our site, you can consider opening a joint bank account with any of the top financial institutions in the country. 

To begin with-

• Visit Policybazaar.ae.
• Click on the ‘Bank Accounts’ tab under the ‘Banking Products’ section. 
• Choose the type of joint bank account that you want to open- Savings or Current.
• Once selected, fill out the lead form. 
• You will get directed to the bank account quotes page.
• Select an option from the best bank for joint account UAE (as per your requirements) and click on the ‘Apply Now’ tab. 

So what are you waiting for?

Open Joint Account Now