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Why drafting a durable power of attorney in Israel is feasible for foreign residents with property in Israel

In cases where a person, God forbid, loses their ability to make decisions or express their will as a result of ongoing illness, accident or stroke, according to the law, an ordinary power of attorney loses its legal validity, and no action can be taken under its power with regards to assets located in Israel.

In order to allow a person to continue managing through family or friends their assets, such as: bank accounts or an apartment, in Israel one needs to prepare a durable power of attorney. The durable power of attorney allows a person to appoint a proxy (a family member or a friend) who will be able to act in their name and manage their assets in Israel on their behalf based on preliminary guidelines, which will be specified in the durable power of attorney.

Important: it shall be noted that the durable power of attorney must be prepared while a person is cognitively competent to make decisions regarding their life and property, therefore it is advisable to draft the document as long as you are able to make decisions.

Therefore, if you are a foreign resident and have property such as an apartment or a bank account in Israel, it is highly recommended that you draft a durable power of attorney in Israel, in which, among other things, you will appoint a proxy capable of handling on your behalf property such as funds in a bank account or an apartment. If you already have a durable power of attorney drafted abroad, you can submit to the Israeli court a request for the recognition of a foreign power of attorney, supported by a legal opinion with regards to the relevant foreign law, and implement the same foreign power of attorney in Israel.

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