Power of Attorney

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Introduction of Free Power of Attorney Sample in PDF

Power of Attorney is an instrument which empowers a specified person to act for or/and in the name of the person executing it. Power of Attorney is guided by the Power of Attorney Act 1882.

POA is also known as Power of Authority which gives the authority in some specified or all legal or financial matters to act for another person. The person who gives the authority to some other trustable person is known as the principal or a donor.

There are various situations where one may not be in a position to perform his duties due to reasons and where transaction requires the presence of the individual who is not able to be present personally like an individual possessing properties, bank accounts, etc. or being abroad, physically ill, old in age etc and such situation might requires a Power of Attorney.

Advantages

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Advantages of Power Of Attorney

Provides flexibility in the ability to choose a person who can make decisions for you

The family members can also remain as an agent or may hold the authority of the Power of Authority

Power of Attorney can be either specific or general which empowers the owner to have control over the task undertaken by the agent on his/her behalf

It also allows the agent to plan and perform the transaction for the principal.

Process

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Process of Power of Attorney

1. Placing request

As we receive a request from you for drafting Power of Attorney, our expert team will share a questionnaire to be filed by you for taking your request forward. In which basic details will be sought like the purpose of creation and type of attorney etc.

Step 01

2. Drafting power of Attorney

After receiving the said questionnaire and the information relevant for drafting of the Power of Attorney, we will begin to draft the same and if in need we require any other information the same will be sought by us through a call. The drafting of Power of Attorney might take 2-4 business days.

Step 02

3. Sharing of Ist draft

Once the POA is ready from our side we will share a draft of the same with you for final approval. If you find the same in order the final copy will be shared in a day and if corrections or additions are required then the same will be revised and verified by our team.

Step 03

4. Sharing of Final Agreement

Our experts will do the needful and the same will be shared with you as final POA.

Step 04

Types

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Types of Power of Attorney

General Power of Attorney

When a person gives another person a complete general right or a power to act lawfully pertaining to his/her property or bank accounts or tax payment, or work of registration.

Special Power of Attorney

A Special Power of Attorney is created when any particular task or specific task or act is to be performed. Once the said particular act is done the Special power of Attorney comes to an end.

Durable Power of Attorney

The Durable POA does not have a set time period and it becomes effective immediately upon the incapacitation of the principal can be used to allow an agent to manage all the affairs of the principals even after principal’s death.

Non- Durable POA

A non – durable POA is prepared for a specific period of time where an agent can take every decision on behalf of the owner but as soon as the validity gets over the non- durable Power of Attorney cannot take any decisions.

Important Clauses

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Important Clauses of POA

Name, age, address and occupation of the Principal.
Valid legal reason for granting the power of Attorney
Date of termination if it is limited by time. It is to be mentioned if no time is specified whether the Power of Attorney is durable or non-durable.
The acts which the attorney cannot perform must be particularly stated.

Details of the Attorney.
Date and Place of making the Power of Attorney and the effective date of that Power of Attorney.
Where general power is granted all the acts and areas in which power is granted should be mentioned clearly.
In the case of a Special power of Attorney, a specific act or task that is needs to be done and completed must be clearly mentioned along with the time limit within which that act is to be done.

Faq's

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FAQ's On Power Of Attorney

What if the Agent abuses his/her power?

If the agent abuses the powers as specified in power of attorney for dishonest motive to transfer the principal’s assets for its own purpose; that the principal may sue him for the same and it is important to appoint an agent who is completely trustworthy.

How many copies of a Power of Attorney should be formed and signed?

You can prepare as many copies as you require and only to be signed (executed), which is the original one.

Can I appoint more than one Agent for my Power of Attorney?

Yes, multiple agents can be appointed. If two or more agents are appointed, decisions must be made whether they must act together in concern for making decisions involving the affairs and work or separately.

Can the Power of Attorney be revoked if the Agent does not follow the instructions?

Yes, you can easily revoke the authority granted to the agent before the Power of Attorney expires.

Do I need a lawyer to prepare a Power of Attorney?

No, it is not necessary to appoint a lawyer for the same; the Legal window will provide the entire service to prepare POA.

How to select an Agent for a Power of Attorney?

It is preferred to select a trustworthy person and the one who will not cheat you. Further, a person from your family itself is a better option such as spouse ,Children parents etc.

Who monitors the actions of the Agent?

There are no such bodies or authorities prescribed who can keep an eye on the agents, It is the sole responsibility of the principal itself who needs to make sure that all the transactions undertaken by him are appropriate or not.

In how much time the Power of Attorney expires?

The Power of Attorney once signed can stay even after the death of the principal and in some cases it may expire after completion of the time mentioned in the Power of Attorney.

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