Power of Attorney for the Future – a new law in Sweden for 3 years

Three years ago, Sweden introduced a new law concerning powers of attorney for the future. A power of attorney for the future is a document in which a person (the grantor) authorizes another individual (the agent) to represent the grantor in cases where they, due to illness, mental disorder, weakened health condition, or similar lasting circumstances, can no longer manage their financial and personal affairs.

Requirements for establishing a power of attorney for the future

• The grantor must be at least 18 years old to establish a power of attorney for the future

• The power of attorney must be in writing

• The signature must be witnessed by two individuals who must be present when the power of attorney is signed

• A power of attorney for the future cannot be made irrevocable

• It should only be valid in Sweden, although this is not explicitly stated in the legal text

It is the agent who determines when the power of attorney should come into effect. The grantor can specify in the document that an inspector should be appointed. This inspector will review the agent’s activities. The inspector can demand an account of the agent’s actions.

When a power of attorney for the future has been established, the person can choose who will represent them. If a power of attorney for the future has not been established, the authorities may appoint a legal guardian to manage the affairs of the incapacitated person in cases where they cannot take care of themselves. The advantage of a power of attorney for the future is that one can decide who will manage their property. An incapacitated person cannot control the appointment of a legal guardian.

If you need assistance in establishing a power of attorney, please contact us at Global Accounting.

Feel free to call, email, or visit our office.