Power of Attorney Act 1882, power of attorney includes any instrument empowering a specified person to act for and in the name of the person executing it. POA is very well known as Power of Attorney or Power of Authority which is the authority to act for another person in specified or all legal or financial matters. The one who gives an authority to some trustable person is known as a principal or a donor. There are various situations in one’s life where an individual possessing properties, bank accounts, etc. may not be in a position to perform his duties due to reasons like being abroad, physically ill, old in age etc. In such situations, if the transaction requires the presence of the individual who is not able to be present personally, then the only way out is to give the powers to act on behalf of the individual to another person. This is when a Power of Attorney deed is to be created.
TYPES OF POWER OF ATTORNEY
General POA (Power of Attorney)
General power of attorney is made when you want to appoint someone on behalf of yourself to complete any legal procedure. At this time General POA can be executed.
Special POA for a court case
The special power of attorney is often used when one cannot handle certain affairs due to other commitments or for health-related reasons.
Deed of Revocation of a Power of Attorney online
If you already executed a power of attorney and would like to cancel that and revoke all the powers, we can help you do that by doing a Deed of Revocation, please let us know and our attorneys at Indolegal will be glad to help you.
The Durable POA can be used to allow an agent to manage all the affairs of the principals. It does not have a set time period and it becomes effective immediately upon the incapacitation of the principal. It does expire upon the principal’s death.
Non- Durable POA
A non – durable POA is used for a specific period of time when the agent can take decisions on behalf of the owner, but as soon as the validity is completed the non- durable POA cannot take any decisions.
WHO SHOULD USE POA? WHEN?
In general, POA is created by anyone who cannot do the transactions due to any circumstances by himself or herself, there can be several reasons for that which are mentioned below :
If you need someone to act in your place when you are not available in the same country If you want to give someone the power to act as if they were you on a short-term basis only When you are mentally challenged, ie when you won’t understand what you are signing You should trust absolutely the person or person(s) you appoint as your attorney(s) What are the different types of POA (power of Attorney)
POWER OF ATTORNEY BY NON-RESIDENT INDIANS (NRI)
If a person (Landlord)resides in outer country who has a property in India and wants to give it on rent, so with the help of POA he can complete the entire process of making a rental agreement for his owned property. Sometimes, it can happen that the sale deed can be announced NULL and VOID in case any mistake is done in the execution of Power of Attorney by NRI. In some cases these mistakes are done purposely and most of the times they occur by mistakely. So you need to check each and everything while making a POA by Non- Resident Indians.
- Avoids stability at a particular place
- Provides the ability to choose who will make decisions for you.
- Gives an opportunity to the family members to remain as an agent or hold the authority of the Power of Authority.
- Allows the agent to perform planning and transaction for the principal.
- If the agent is a family member or a trustable person, then there is no need to worry about anything.