Power of Attorney

POWER OF ATTORNEY

 

A Power of Attorney (POA) is a legal and written document that allows you to appoint any other person or any organization to handle your business affairs and any legal matters. The person appointed referred to as an Agent, or attorney-in-fact, and the person who appoints is known as the Principal. This POA is also known as a Letter of attorney. There are several types of POA that can be used for a different purpose.

TYPES OF ATTORNEY

There are generally two types of POA which are as follows:

1.General POA (GPA)- A General POA that gives all the powers and rights to your attorney-in-fact to manage all financial decisions including properties, paying bills, making the investment and any financial transaction that will be conducted on your behalf. This is a position of significant trust.

2. Special or Limited POA (SPA)– A special or limited POA gives the power to an agent to manage financial, investment and banking matters. For example, Special POA gives any person the right to sign a deed to the property for you on a day, when you are not present at that time.

LEGAL REQUIREMENTS OF THE POA.

1. The soundness of mind.

2. Witnesses.

CONTENTS

  • NAME AND DETAILS OF PARTIES.
  • POWERS THAT ARE GRANTED TO BE DESCRIBED IN DETAIL.
  • VALIDITY.
  • SIGNATURE OF ATTORNEY AND PRINCIPAL.

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PROCESS

Step 1- Understand the Power Of Attorney

Before preparing the POA first we need to understand the requirements of the Principal and the terms and the conditions which he wants to include in a POA.

Step 2- Draft of the Power Of Attorney

Draft the document ‘Power of attorney’ so that no dispute arises in the future.

Step 3- Finalization of the POA

Once we have drafted POA, you can provide your comments or inputs to finalize and after accepting your inputs, we prepare the final POA as per your requirements.