Power Of Attorney Lawyer services By Edge Law Partners
What Is Power Of Attorney?
A power of attorney is a legal document that allows one person to grant another person the right to perform or the power to transact in matters relating to real estate, banking, legal and judicial proceedings, tax payments, etc. due to circumstances such as being out of the country, growing older, or being unable to handle one's responsibilities in those matters, among others. A power of attorney is a written formal document that grants someone the right to act on another person's behalf. This individual is referred to as the donor or principal.
Types Of Power Of Attorney
General Power Of Attorney
You can either provide a GPA for all of your assets, banking activities, tax filings, registrations, legal conflicts, court cases, etc. Alternatively, you can grant general authority to any one category, such as all banking operations or all real estate issues. If the Attorney is not a reliable individual, this type of power is very broad and carries a lot of risks
Special Power Of Attorney
The other kind of power granted is a special power, which is exclusively given for a certain job or task. This is typically used when you want to appear in court on behalf of the Principal, rent out your property, register any property, appear for the tax authorities, etc.
Difference between General and Special Power of Attorney
A special power of attorney differs significantly from a general power of attorney. The Special Power of Attorney only grants a specific power to carry out any specific act or duty, whereas the GPA always grants a general power of performance. The GPA is not limited to any one type of job and encompasses a broad range of skills. As a result, it should only be shared with someone you can completely trust. The Special power, on the other hand, is always task-specific and ends as the task or particular act is completed. Under the General Powers, a person may give the Attorney permission to do things like attend court dates on their behalf, buy or sell property, rent it out, recover debts, open or close bank accounts, attend financial transactions, submit tax reports, and more
Durable and Non-durable Power of Attorney
A Power of Attorney typically expires upon the passing of the Principal. Therefore, it should be specified in the deed if the power must continue even after the death of the Principal. If not, all powers of attorney are deemed to be non-durable and expire upon the passing of the principal.
Important Clauses in A Power Of Attorney
Depending on the type of power of attorney that is created, it is vital to include a few mandatory clauses while drafting one. The following are a few of the crucial provisions that must be in the Power of Attorney deed:
Power Of Attorney By Non-Resident Indians (NRI)
An NRI, or non-resident Indian, is not need to travel to India in order to create a Power of Attorney deed; they can do it while they are abroad. The majority of NRIs have assets and bank accounts in India, therefore certain transactions can necessitate their presence. However, traveling to India for each of these transactions is frequently not an option. For this, NRIs can always delegate the authority to transact to another individual who is a friend or a family member.
The steps that NRIs must take to create a Power of Attorney deed are straightforward and are as follows:
Why Choose us?
Contact Edge Law Partners right away if you need to create a power of attorney. Our devoted power of attorney lawyers have decades of expertise assisting clients in setting up the protections they require. We can assist you whether you require durable powers of attorney for a single person or generic powers of attorney covering a number of people.