Power of Attorney (POA) is a simple document which lists out the powers that you want to share with the POA holder. It is primarily used by NRI (Non-resident Indians) to manage their property in India.
By on 24-11-2018
POWER OF ATTORNEY
Power of Attorney (POA) is a simple document which lists out the powers that you want to share with the POA holder. It is primarily used by NRI (Non-resident Indians) to manage their property in India. A power of attorney document is an extremely important part of estate planning yet one of the most misunderstood. It is often convenient or even necessary to have someone else act for you as there is advancement in the business and commerce transactions. The Power of Attorney can be classified into two categories which includes:
- GENERAL POWER OF ATTORNEY:
A general power of attorney is one by which an instrument is executed by the principal authorising the agent to do certain acts in general on his behalf. The word ‘General’ here means that the power must be general regarding the subject matter and not general with regard to powers in respect of a subject matter. If the subject matter is not general but restricted to something either specific or specifically mentioned by the principal while drafting an instrument then it will not constitute a general power of attorney. It is otherwise called as limited power of attorney.
- SPECIAL POWER OF ATTORNEY:
A special power of attorney is one by which a person is appointed by the principal to do some specified act or acts. In this type of power of attorney, an agent conferred with a power to do specific act in a single or specified transactions in the name of the principal.
- DURABLE POWER OF ATTORNEY:
A Power of Attorney which specifically says otherwise, agent’s power ends if principal become mentally incapacitated. However, a power of attorney may say that it is to remain in effect in the event of future incapacity of the principal. A power of attorney that says this is called a durable power of attorney.
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