Power Of Attorney: A Wise Choice

Last Updated at: March 11, 2020
576
What is Power Of Attorney for property_
  1. Power of Attorney: An overview

  2. Types of power of attorney

  3. What to look for in the agent while providing the power of attorney?

  4. Can the agent sell the property under the power of attorney?

  5. Conclusion

Unlike the time when we were kids and our parents used to make all the decisions for our life, as we grow up, eventually we ourselves, become responsible for the smallest and biggest decisions and mistakes that we make in our life. But, there might occur some unfortunate situations or emergency cases when an individual is not capable of taking the decisions for themselves, whether financial, medical or other general ones. This can happen if the person falls ill, or even if they move out of the country. This is where the role of Power Of Attorney (POA) comes in.

Click here to access the Power Of Attorney format.

Power of Attorney: An overview

Power of attorney is quite easy to understand, but complicated when it comes to making decisions related to it. In simple terms, it is a legal procedure through which a right is given to someone called the agent (or attorney-of-fact), to act for the other person. The only criteria for this are that the agent must be more 18 years in age, and must be trustworthy. Different agents can also be appointed for different types of the power of attorney (POA). 

Power of Attorney – Why you need one?

Types of power of attorney (POA)

There are mainly four types of power of attorney depending on the purpose to be fulfilled and the amount of power to be given to the agent, they are as follows:

  • The general power of attorney:

Under this, a generalized authority is given to the agent, under which they can act only on the power of attorney format as given by the state. This can also be called a limited power of attorney. It generally includes purposes like management of finances, transactions, real estate management, business interests, and others. This is usually given when the person is physically or mentally incapable of handling their tasks.

  • Special power of attorney:

Under this, the person has the power to choose what the agent can do on their behalf. They can even choose more than one agent. The power of attorney for property can be provided under the power of attorney format. This also includes handing over the business deals and transactions to the agent.

  • A durable power of attorney (DPOA):

Under this, as the name suggests, the duration for the POA is specified by the person themselves. In some unfortunate cases, if the person becomes mentally unstable and is unable to make any decisions, then, durable must be mentioned on the power of attorney format, to allow the agent to continue making decisions for them. The DPOA allows the agent to perform the tasks on behalf of the person, but not take any medical decisions related to them. For this, healthcare POA has to be taken.

  • Healthcare power of attorney:

Under the healthcare power of attorney format, the person provides the power to the agent to take health and medical-related decisions on their behalf when they fall sick or are unconscious. 

power of attorney format

What to look for in the agent while providing the power of attorney?

The key factors that must be looked for while choosing the power of attorney are as follows:

  • Trust: First and foremost, the agent must be trustworthy and must not backstab you under any circumstances. While providing the power of attorney for property-related decisions, and even the power of attorney for property registration, one must be the most careful as this is the reason behind the major conflicts in families or elsewhere. 
  • Skills and decision-making: One must look for the person who can make the right decision according to the demand of the situation. You cannot give a businessman good with finances and accounting the power of attorney for property registration, as they terribly fail at it and make chaos.
  • Different agents: One is allowed to choose a number of agents for specific purposes, whether it be providing power of attorney for property or healthcare, as per the needs. But, regardless, the person must check that the agents do not develop conflicts among themselves.

Click here to know more if a Sale Deed can be executed by Power Of Attorney.

Can the agent sell the property under the power of attorney?

This is one of the major questions that people have in mind. Yes, the agent can sell the property, but only under the special power of attorney for property and power of attorney for property registration. Unless this is granted by the person who owns, the agent cannot sell the property and just make decisions related to it. A special and legal format has to be followed for the power of attorney for property registration as well.

Conclusion

As such, the power of attorney is a complex and very important legal thing for the person granting it, so the agent must be chosen wisely and with complete considerations.

How to Cancel a Power of Attorney in India?

 

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Power Of Attorney: A Wise Choice

576
  1. Power of Attorney: An overview

  2. Types of power of attorney

  3. What to look for in the agent while providing the power of attorney?

  4. Can the agent sell the property under the power of attorney?

  5. Conclusion

Unlike the time when we were kids and our parents used to make all the decisions for our life, as we grow up, eventually we ourselves, become responsible for the smallest and biggest decisions and mistakes that we make in our life. But, there might occur some unfortunate situations or emergency cases when an individual is not capable of taking the decisions for themselves, whether financial, medical or other general ones. This can happen if the person falls ill, or even if they move out of the country. This is where the role of Power Of Attorney (POA) comes in.

Click here to access the Power Of Attorney format.

Power of Attorney: An overview

Power of attorney is quite easy to understand, but complicated when it comes to making decisions related to it. In simple terms, it is a legal procedure through which a right is given to someone called the agent (or attorney-of-fact), to act for the other person. The only criteria for this are that the agent must be more 18 years in age, and must be trustworthy. Different agents can also be appointed for different types of the power of attorney (POA). 

Power of Attorney – Why you need one?

Types of power of attorney (POA)

There are mainly four types of power of attorney depending on the purpose to be fulfilled and the amount of power to be given to the agent, they are as follows:

  • The general power of attorney:

Under this, a generalized authority is given to the agent, under which they can act only on the power of attorney format as given by the state. This can also be called a limited power of attorney. It generally includes purposes like management of finances, transactions, real estate management, business interests, and others. This is usually given when the person is physically or mentally incapable of handling their tasks.

  • Special power of attorney:

Under this, the person has the power to choose what the agent can do on their behalf. They can even choose more than one agent. The power of attorney for property can be provided under the power of attorney format. This also includes handing over the business deals and transactions to the agent.

  • A durable power of attorney (DPOA):

Under this, as the name suggests, the duration for the POA is specified by the person themselves. In some unfortunate cases, if the person becomes mentally unstable and is unable to make any decisions, then, durable must be mentioned on the power of attorney format, to allow the agent to continue making decisions for them. The DPOA allows the agent to perform the tasks on behalf of the person, but not take any medical decisions related to them. For this, healthcare POA has to be taken.

  • Healthcare power of attorney:

Under the healthcare power of attorney format, the person provides the power to the agent to take health and medical-related decisions on their behalf when they fall sick or are unconscious. 

power of attorney format

What to look for in the agent while providing the power of attorney?

The key factors that must be looked for while choosing the power of attorney are as follows:

  • Trust: First and foremost, the agent must be trustworthy and must not backstab you under any circumstances. While providing the power of attorney for property-related decisions, and even the power of attorney for property registration, one must be the most careful as this is the reason behind the major conflicts in families or elsewhere. 
  • Skills and decision-making: One must look for the person who can make the right decision according to the demand of the situation. You cannot give a businessman good with finances and accounting the power of attorney for property registration, as they terribly fail at it and make chaos.
  • Different agents: One is allowed to choose a number of agents for specific purposes, whether it be providing power of attorney for property or healthcare, as per the needs. But, regardless, the person must check that the agents do not develop conflicts among themselves.

Click here to know more if a Sale Deed can be executed by Power Of Attorney.

Can the agent sell the property under the power of attorney?

This is one of the major questions that people have in mind. Yes, the agent can sell the property, but only under the special power of attorney for property and power of attorney for property registration. Unless this is granted by the person who owns, the agent cannot sell the property and just make decisions related to it. A special and legal format has to be followed for the power of attorney for property registration as well.

Conclusion

As such, the power of attorney is a complex and very important legal thing for the person granting it, so the agent must be chosen wisely and with complete considerations.

How to Cancel a Power of Attorney in India?

 

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