Power of Attorney (POA)
Drafting a Power of Attorney (POA) is a task of major care and trustworthiness. We at Legal251 are here to guide you to make the right choice while drafting a POA.
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Power of Attorney is a legal document that grants and authorizes an agent or attorney to act on behalf or simply make decisions of an individual known as the Principal. Agent must or could be provided wider or limited authority for making decisions for the principal's finances, investments, finances, pay bills, or medical care.
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Authorizing an Individual to act on your behalf with Power of Attorney is a hefty task full of
responsibilities and one that has to fulfill many duties. Its required that a Power of Attorney be
notarized. So, if you are unsure of How to do it, let Legal251 take care of it.
POA document provides an individual authorization to act according to the Principal's Direction.
Once this Power of Attorney is signed, Agents are used to have the same Power as the Principal
regarding the Assets. We at Legal251 can help you in drafting a Power of Attorney with utmost
clarity and without any unambiguity.
How to
apply
Type of Power Of Attorney
There are different types of poa each poa takes effect while addressing different needs and situations. According to the requirement:-
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Durable Power of Attorney -
Springing Power of Attorney
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A durable power of attorney
A durable Power of Attorney (Durable POA) is a legal document that remains in effect even when the Principal becomes incapacitated this provides decision-making authority in continuation. It is made if the principal becomes mentally or physically incompetent in managing their everyday activity. When you become unable it provides the agent the authority to make decisions on behalf of the Principal.
A durable power of attorney becomes effective upon signing by the principal and remains valid until the principal's death. -
Springing power of attorney
Springing Power of Attorney (Springing POA) is a Special Power of Attorney that takes effect when a particular event such as the Principal Incapacitation. The Principal has the authority to assign this event for initiating a Springing Power of Attorney. This Condition could be a factor in the inability to act cause they become mentally incapacitated or physically disabled.
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Health care Power of Attorney
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Financial Power of Attorney
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Health care power of attorney
A Healthcare Power of Attorney(Medical POA or health care POA) is a Special legal document (health care proxy) that provides the agent authority to make medical decisions on behalf of the Principal when they cannot make medical treatment decisions. Medical Power of Attorney comes into action when the Principal cannot make any health-related decisions so the Agent can act in the principal's best interest.
Here, an agent could be a close relative, friend, or any competent adult whom the principal trusts and can act on their behalf. The Power of Attorney documents provides -
Financial power of attorney
Financial Power of Attorney (Financial POA), also known as General Power of Attorney (general POA) is a legal document that authorizes an Individual authority to act and manage the Principal's Financial Matters and not extending to make health care decisions. It is a Limited Power of Attorney.
Important points to consider while considering making a Financial Power of Attorney are Managing Bank Accounts, Investments, Real Property Transactions, and other financial affairs.
Protection against Power of Attorney abuse
Power of Attorney involves some major risk as it provides an individual with major authority over the finances. It could be complicated So engaging legal help could be very useful. If you are unable to decide these matters Legal251 can help in that. Power of Attorney cannot provide an absolute right to one agent.
Abuse of Power of Attorney can occur in many forms:-
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An agent may pressurize for permissions that you don't want to grant.
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An agent can use the finance for unauthorized usage.
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The Agent can also do unauthorized activities such as changing beneficiaries, policies, and plans.
You and Legal251 protects against such abuse by:-
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Tell Family members, Advisors, and Friends about the POA so they also know and look out for your benefit.
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Appoint only an Individual you trust while making sure they are aware of your Preferences.
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Power of Attorney must not be written in stone engraving as when the need or time comes you can Cancel or Revoke the Power of Attorney.
Who can revoke a Power of Attorney
A Power of Attorney could be canceled or revoked in the following ways:-
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The Acts of Principal
In situations where the principal could revoke and end relation with the agent are
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By Will through expressing the Revocation.
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Upon fulfillment of the purpose of POA.
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If the Agent becomes Insolvent or Unsound.
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By Breach of Contract
A Principal could revoke a POA if gross management or there is a breach of contract terms. An irrevocable POA can also be revoked in such a case. After which you can again create a new POA.
Choosing an agent:- Risks and Precautions
Always remember to review and Update a POA that you have created and if the circumstances change, the individual can cancel the POA via a letter signifying the revocation. It is also recommended to send copies to third parties with whom the agent could have acted.
Choosing Adult Children and giving them the power to act on your behalf
and make a power of attorney in their name is a better step as they are trustworthy and have the
capability of fulfilling your directions and wishes.
It is recommended to take advice from trusted professionals such as Lawyers, Accountants,
and
Doctors which could help in understanding the effect of POAs.
Also, make sure that the POA requires the Agent to make reports on major actions taken by him periodically. It is also common to make two agents so they can report for major decisions to each other. So, if you need a power of attorney at any time Legal 251 is the best place to get it.
Benefit of POA
Asset Protection
No Delay in Decision Making
Gives Flexibility
Enduring and Revocable
Avoid Financial Abuse
Can Withdraw Anytime
No Need for Guardianship
Avoids Legal Troubles
Buy, sell and rent a property
Easy Settlements of Claims
Handling Business & Financial Expenses
Registration Process
Our legal maestros will review all the documents you submit to lessen the chances of incorrect or misleading information to make the process smooth.
Our best documentation lawyers are here to help you with document requirements and legal necessities.
The respective professional will move further with your documents to apply for your Power of Attorney.
Once the Sub-registrar verifies all the documents, Power of Attorney will be provided to the applicant within 30 working days or with some more delay.
It's recommended to wait until one of our experts contacts you to let you know your license has been issued.
FAQs on Power Of Attorney
Will: A Will takes place after the death of a person, whereas Power of Attorney: POA is only applicable when the person is alive and ceases after the person's death.
It is not necessary to register the POA unless it constitutes an interest in any immovable property, i.e., a change in favor of the power of attorney holder.
No, you can prepare it on your own with the Legal251 App. However, you can always ask our experts for assistance, who will guide you through the process.
The main documents you are required to prepare for a POA are Adhar Card, Identity Proof such as Voter ID, PAN Card provided by the government.
Yes, one can appoint many agents for the Power of Attorney.
Yes, you will need at least two witnesses for the attestation.
PoA is of two types, General Power of Attorney (GPA) and Specific Power of Attorney.
Yes, POAs are revocable at any time. However, you should seek legal assistance to make your revocation effective because your POA might still get honored if a financial institution hasn't received proper notice of its revocation.
According to the Indian Contract Act, the following are incapable of
becoming a POA:
A POA can come to an end due to several reasons, including:
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