What is the Power Of Attorney? does an Attorney have to be involved?


 

  

Justin Taylor, Canada

Posted: April 25 2013

 

  NDBS Answers:

Power of Attorney is the authority given in writing or under oath to act on someone’s behalf.  The person given such power may not be an Attorney but has legal right to sign on behalf of the person who cedes powers to the one acting for or on behalf.

There are three types or categories of Power of Attorney which are

Lasting Power of Attorney – This is applicable where an individual is incapacitated due to poor health or other factors that will make them ineffective to make decisions.

Enduring power of attorney – It applies where the person is losing mental capacity

Ordinary Power of Attorney – This also applies on the above eventualities but do not need one to be registered with the authorities.

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  Can a Will Be Drawn without a Lawyer Signing or Authenticating it?

Trina Steenkamp, South Africa

Posted: April 22 2013

I want to draw a will but before I do so would like to know if I need a Lawyer to help me or can I just write it myself and have it signed by witnesses.  Will it still be legal that way?  

  NDBS Answers:

A will is a document that is effected when you cease to exist or pass away.  For the will to be honored by the living there must be two witnesses who sign and they don’t have to read it but attach their signatures, the witnesses must not be beneficiaries.  As long it is signed there is no need for a lawyer to authenticate it for it to become valid.  Anyone who is sane can draw a will and choose where to keep it where it will be accessible when that person is dead.  

 

  What is a Social Entrepreneur?

Shabir Tenduka, India

Posted: April 11 2013

I am hearing this buzz word in most office corridors about the Social Entrepreneur.  What makes this word so special in society, in short what does it mean?  

 

  NDBS Answers:

Social Entrepreneur is someone who create opportunities without being profit driven in his or endeavor to meet the needs of the community, such individual is able to set up an organization that will help the community through skills development, orphanage home or any other initiative that will benefit the community in a large-scale than providing short term solution.  Social Entrepreneur is not profit driven but has a mission to add social values to the society through rendering services that will benefit community at large.   


  What does rescind of judgment mean?

Sonia Modiba, South Africa

Posted: February 11 2012

I was advised to apply for Rescinding of the judgment against me. What does rescind of judgment mean?

  NDBS Answers:

The rescission of judgment is when the High court cancel the earlier judgment made and there must be compelling reasons to do so.  This is common in people who had judgment against them for failing to service their debts.  Consideration for this action is made once it can be proven that procedures where not followed when the case went to court and one needs an attorney to present the case in the High court.  If your name was handed to credit bureau it will be removed once the judgment is rescinded.    

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  What does Sequestration mean? And how difference is it from Liquidation?

Posted: February 11 2012


  NDBS Answers:

Sequestration is the action of taking legal possession of assets until a debt has been paid or other claims have been met, whereas liquidation is the termination of a business operation by using its assets to discharge its liabilities, in other words to pay off the creditors and settle any outstanding accounts.  If business fails to meet the agreement while assets are being held then liquidation kicks in and in this case a curator is appointed to oversee the process and facilitate all the transaction part of which will be the auctioning of goods.

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  What does Fiscal Cliff Mean? 

Nadia Kalushi, Zambia

Posted: December 21 2012

I have been reading about Fiscal Cliff but failing to comprehend what it means, does it simply mean US is heading for recession or can be averted by just changing the laws, or is this one of US ways of creating Congress drama?

 

  NDBS Answers:

 

Fiscal cliff is a term used to refer to the economic effects that could result from tax increases, spending cuts and a corresponding reduction in the US budget deficit beginning in 2013 if existing laws are not changed by the end of 2012. The deficit (the difference between what the government takes in and what it spends) is expected to be reduced by roughly half beginning in the first days of 2013. This sharp decrease in the deficit in such a short period of time is known as the fiscal cliff. However, the Congressional Budget Office estimates this sudden reduction will probably lead to a mild recession in early 2013.

Source: Wikipedia

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  What is New Venture Creation? 

NDBS Reader

Posted: November 19 2012

  NDBS Answers:

This is the starting and development of new enterprises which is often designated by the international term of entrepreneurship. All it means is starting a new company by individual or a group of people.  The process involved doing a research, getting the company registered and starting business operations.  


 

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