POWER OF ATTORNEY

A Power of Attorney (POA) is a legal and written document that allows you to appoint any another 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 power of attorney is also known as a Letter of attorney. There are several types of power of attorney that can be used for a different purpose.

IMPORTANCE OF POWER OF ATTORNEY

To establish the power of Attorney holds no value it's inexpensive.

A POA allows the Agent to act for and on behalf of the Principal.

It is not compulsory to register a POA in India except for the transfer of immovable property.

TYPES OF ATTORNEY

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

2. Special or Limited Power of Attorney- A special or limited power of attorney gives the power to an agent to manage financial, investment and banking matters. For example, Special power of attorney 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.

PROCEDURE OF THE POWER OF ATTORNEY

eStartIndia is an online legal service platform where a team of expert legal professionals from India, offering a variety of legal services relating to legal notices, negotiable instruments, company registrations, intellectual property, tax services, personal and property services. You can avail our services to draft a Power of Attorney

Step 1- Understand the Power of attorney

Before preparing the Power of attorney first we need to understand the nature of the authority with all the terms and the conditions.

Step 2- Draft of the Power of Attorney

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

Step 3- Finalization of the power of attorney

Once we make a draft of power of attorney, you can provide your comments or inputs to finalize and after accepting your inputs, we prepare final POA as per your requirements.

Author:

eStartIndia Team