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Power of Attorney


@ 1999/-



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Power of Attorney

                      GENERAL POWER OF ATTORNEY FORMAT

I, ________________________________ [ FULL NAME], son of _____________________________________ [FATHER’S FULL NAME],

residing at­­­­­­­­­­­­­_______________________________________[ FULL ADDRESS], hereby appoint ________________________________ [ AGENT'S FULL  NAME], son of _________________________________[AGENT’S FATHER’S FULL  NAME],       residing at ________________________________ ____________[AGENT'S FULL ADDRESS], as my Attorney-in-Fact ("Agent").

 

(hereinafter called "the Agent") to be my lawful agent, he shall have full power and authority to act on my behalf. This power and authority shall authorize my Agent to manage and conduct my all business transactions and to exercise all of my legal rights and powers, that I may acquire in the future. My agent’s power shall include, but not be limited to, the power to:

1.To manage my business transactions, investments, securities and movable property in such manner as the Agent shall think fit and to make any payments regarding my business affairs, securities, investment and movable property.

2.To manage my immovable property for the time being in such manner as the Agent’s think fit and to make any outlay in connections with the immovable property thereof or otherwise in relation to the said property or any part thereof.

3.To open, maintain or close bank accounts [including, but not limited, checking        accounts, certificates of deposit and saving accounts], or any other similar accounts with financial institutions.

4.To manage and Perform any act necessary to deposit, negotiate, sell or transfer any note, security, or draft of the United States of America, including U.S. Treasury Securities.

5.To Purchase and/or to maintain insurance, including life insurance upon my life or the life of any other appropriate person.

6.To [Sell/exchange/ buy/invest/ reinvest] any assets or property owned by me. Assets or property may include income producing or non-income producing assets and property.

7. To settle any claim and all legal steps necessary to collect any amount or debt owed to me, whether made against me or asserted on my behalf against any other person or entity.

8.To avail and exercise all stock rights on my behalf as my proxy, including all rights with respect to stocks, bonds, debentures, or other investments.

9.To answer and operate any business that I may own.

10.To Prepare, manage, sign and file documents with any governmental body or agency, including, but not limited to, authorization to:

 

  • File income tax and other tax with federal, state, local, and other governmental bodies.
  • To obtain information or review documents from any government or its        agencies, and negotiate, compromise, or settle any matter which is related with government or agency along with tax matters.
  • To provide information, prepare application and perform any other act reasonably requested by any government or its agencies.

 

11.To  Disclaim any interest which might otherwise be distributed or transferred to me from any other person, trust,  or other entity, as may be appropriate.
 

12.This Power of Attorney shall be drafted broadly as a General Power of Attorney. The listing of specific powers is not intended to limit or restrict as the general powers granted in this Power of Attorney in a prescribed manner.

13.Any power or authority granted to my Agent under this power of attorney shall be limited to the extent necessary to prevent this Power of Attorney from causing:

  • income to be taxable to my Agent,
  • all assets to be subject to a general power of appointment by my Agent
  • Agent to have any incidents of ownership which relating to any life insurance policies that I may own on the life of my Agent.

14.The appointed, Agent shall not be liable for any loss that results from a judgment error that was made in good faith. However, my Agent shall be liable for willful misconduct or misrepresentation the failure to act in good faith while acting under the authority of this Power of Attorney.

15.My Agent shall be entitled to reasonable compensation and also shall be entitled to reimbursement of all reasonable expenses incurred in accordance with this Power of Attorney.

16.My Agent shall provide an accounting for all funds handled and all acts performed as my Agent, if I so request or if such a request is made by any authorized personal representative or fiduciary acting on my behalf.

17.My agent shall appear in my name and in my stead before any competent court and any legal or public authority including but not limited to all national and federal tax authorities.

This General Power of Attorney may be revoked by me at any time by providing written notice to my Agent and shall be effective from the date of its execution in the presence of two independent witnesses.
 

Dated ____________________, 20____ at _________________, _________________

 

 

 

YOUR SIGNATURE:

 Full Name:

 Address:

 

[Witness:1]                                                                                    [Witness:2]

Name:                                                                                             Name:

Address:                                                                                         Address:

Signature:                                                                                       Signature:

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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 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.

Types of The Power of Attorney

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

1.General Power Of Attorney (GPA)- A General Power Of Attorney 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 POWER OF ATTORNEY.

1. The soundness of mind.

2. Witnesses.

CONTENTS OF POWER OF ATTORNEY

  • NAME AND DETAILS OF PARTIES.

  • POWERS THAT ARE GRANTED TO BE DESCRIBED IN DETAIL.

  • VALIDITY.

  • SIGNATURE OF ATTORNEY AND PRINCIPAL.

eStartIndia is an online legal service platform where a team of expert legal professionals from India, offering a variety of legal services relating to power of attorney, legal notices, negotiable instruments, company registrations, intellectual property, tax services, personal and property services.

Get a Free Consultation for Power of Attorney with Our Top Rated Experts with a simple registration.

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Registration Process

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.

Package

Basic

1999 /-

    Package Includes:

    • Drafting Power of Attorney with the help of experienced Lawyer
    •  Start to Finish Help + Power of Attorney drafted by an experienced lawyer

(Professional Fees)



FAQs

Is there any need of lawyer to prepare a power of Attorney?

 No, you are not required to hire a lawyer.

How do I select an attorney-in-fact?

-Select a trusted any family member, any friend or any employee.

-Should be major.

What are different types of Power of attorney?

There are generally two types of Power of attorney, General Power of attorney and Special Power of attorney.

When you need to execute a Power of attorney ?
  • When you travel out of country or state
  • When you have been having a serious illness.
  • When you are working in a hazardous environment.
  • When you are attaining old age and would like to appoint a representative for yourself.
  • When you need a specific person to be responsible for your business affairs or any legal matters.
Is it mandatory to notarise a POA?

It is not mandatory but it is advisable to get the Power of attorney notarized as a notarized Power of attorney is considered as a properly executed document and has evidentiary value.



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