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Power Of Attorney

A power of attorney (POA) is a legal authorization that gives the agent or attorney-in-fact the authority to act on behalf of an individual referred to as the principal. The agent may be given broad or limited authority to make decisions about the principal’s property, finances, investments, or medical care.

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Why Should I Use Auriga Accounting For Power Of Attorney ?

Auriga Accounting has a team of registration experts who can provide complete guidance to register your Power Of Attorney.

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Our team of experts will get in touch with you and collect all necessary documents and details

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We fill out and file your application for Power Of Attorney

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Your Power Of Attorney Is Done

Why Should I Use Auriga Accounting For Power Of Attorney ?

Auriga Accounting has a team of registration experts who can provide complete guidance to register your Power Of Attorney.

book appointment

Our team of experts will get in touch with you and collect all necessary documents and details

Resolve all your queries

We fill out and file your application for Power Of Attorney

Complete your Certificate

Your Power Of Attorney is Done

Overview
Types
Advantages
Documents
Conclusion

Overview - Power Of Attorney

A general power of attorney (POA) is a legal document granting an appointed individual, known as the attorney-in-fact, the authority to manage another person’s financial, real estate, business, and potentially medical affairs. This authority is valid only while the individual granting the power (the principal) is mentally and physically capable of providing or revoking consent. During this period, the attorney-in-fact can execute actions like selling property, conducting banking transactions, or making medical decisions on the principal’s behalf. However, the POA is automatically terminated upon the principal’s death. Selecting an attorney-in-fact requires significant trust, as they will have access to sensitive information and assets.

The attorney-in-fact must be at least 18 years old and mentally competent at the time of signing. State laws vary regarding the execution of a POA; some necessitate a notary’s signature, others require two witness signatures, and some have no specific requirements. Typically, POAs are revocable at any time, though state laws govern the right of revocation.

POAs can be drafted for various purposes and are often limited in scope, granting control over specific functions like finances or real estate. Occasionally, a full power of attorney is granted, providing the attorney-in-fact comprehensive control over all business aspects of the principal. A durable power of attorney, in contrast to a general POA, becomes effective when the principal becomes incapacitated or incompetent, commonly governing their financial decisions and/or medical care.

Types Power Of Attorney

  • General Power of Attorney: This grants broad authority to an agent, allowing them to manage most of your financial and business affairs, including real estate transactions and business contracts.

  • Special or Limited Power of Attorney: This type restricts the agent’s authority to specific, clearly defined tasks. It’s crucial to detail the exact scope of the agent’s power when creating a limited POA. Consulting a legal advisor is recommended if you’re unsure about the specifics.

  • Durable Power of Attorney: Unlike a non-durable POA which expires upon revocation or a set date, a durable POA remains in effect even if you become incapacitated or unable to make decisions for yourself. This is particularly useful for ensuring your affairs are managed if you lose the ability to communicate your wishes. For example, a durable POA can designate a spouse to make decisions if you are unconscious.

  • Healthcare or Medical Power of Attorney: This POA allows you to appoint an agent to make medical decisions on your behalf if you are unable to do so due to illness or incapacity. Most healthcare POAs are durable, as they are designed for situations where you are too ill to make your own choices. It’s advisable to discuss your healthcare preferences with both your agent and a legal professional.

  • Military Power of Attorney: This specialized POA is for service members who need someone to manage their personal and financial affairs while they are away on deployment or training. This is often essential for handling bills, managing assets, and other responsibilities while access to communication is limited.

Advantages Power Of Attorney

Focusing on Flexibility & Control:

  1. Offers Adaptability to Family Needs: This emphasizes how it can adjust to changing circumstances within the family.
  2. Provides Family with Discretionary Use: This highlights the freedom they have in how they utilize it.

Focusing on Personal Nature & Limitations:

  1. Is Non-Assignable or Transferable: This uses more formal language to express the non-transferability.
  2. Cannot Be Passed On to Others: This is a more direct way of stating it’s not transferable.

Focusing on Protection & Security:

  1. Safeguards Against Financial Mismanagement in Difficult Periods: This specifically calls out the preventative aspect and the context of challenging times.
  2. Ensures Prudent Use of Funds During Vulnerable Moments: This emphasizes the careful and wise application of the money.

Focusing on Time Limitation:

  1. Ceases to Be Valid Upon Demise: This uses more formal language for “no longer applicable after death.

Documents Required For Power Of Attorney

  • Proof of Identity and Residence: Valid identification and residential proof for the Principal, Agent, and any Witnesses. Accepted forms include:

    • Aadhaar Card
    • Voter ID Card
    • Driving License
    • Passport
    • Other government-issued identity documents

  • Proof of Principal’s Residence: Valid residential proof for the Principal.

  • Property-Specific Documentation (if applicable):

    • Electricity Bill or Property Tax Receipt pertaining to the property mentioned in the Power of Attorney.
    • Property Card.

  • Proof of Financial Identity: PAN Card for all parties involved.

  • Aadhaar Card: Aadhaar Card for all parties involved.

  • Original Documents for Verification: Original identification and residential proofs of all parties must be presented to the Registrar for verification.

  • The Power of Attorney Deed/Document: The original Power of Attorney document to be registered.

  • Land Map (if applicable): Map of the land if the Power of Attorney relates to land.

Conclusion

Granting a Power of Attorney (POA) in India is a significant legal step for delegating the management of one’s affairs. India offers various POA types, such as General, Special, and Limited, each designed for different levels of authority. These instruments are invaluable for individuals who are incapacitated or otherwise unable to manage their responsibilities. The process of granting a POA requires careful consideration of several factors: the specific needs for delegation, the most suitable type of POA, the selection of a trustworthy agent, and a clear understanding of the granted authority and potential liabilities.

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