Power of Attorney Format By Priyanka - April 20, 2020 Last Updated at: Oct 06, 2020 0 13060 Latest Update Harbhajan Singh, the ex-India off-spinner, has filed a police complaint in Chennai after allegedly being cheated of Rs 4 crore. He said he gave a loan of Rs 4 crore in 2015 to a Chennai businessman as security after issuing an immovable property at Thalambur. Later, a general power of attorney was also executed in Harbhajan Singh’s favour in 2015. In the chaotic and busy lives nowadays, people forget to take out the time to plan their finances or even their future. Just as much it is important for the individual to plan their budget, it is equally important to hand over their property and assets to the right person for their future. While making the investments, the individual thinks about their financial future, but what about the personal well-being? The Power of Attorney format can do this. What is the Power of Attorney (POA)? Eligibility for Power of Attorney forms Types of Power of Attorney Power of Attorney format India Amount of stamp duty for Power of Attorney Conclusion What is the Power of Attorney (POA)? A Power of Attorney is a legal document that gives an individual (agent) the power to manage the legal and even some personal decisions for the other individual (principal). The agent can have the powers to make broad legal decisions or these can even be limited, according to the will of the principal. They usually appoint the Power of Attorney when the individual themselves cannot be present to sign their documents. It is a very important decision, and the individual must make it with utmost care. Eligibility for Power of Attorney forms One must follow the Power of Attorney format, India mandatorily. There is a specified eligibility criterion, as per the Indian Contract Act, to be eligible for the Power of Attorney forms. The people who cannot claim for the Power of attorney format include: Individuals below the age of 18 years Mentally unstable individuals The individuals who are disqualified by the law Register Your New Property Types of Power of Attorney The agent appointed under the Power of Attorney format may or may not make all the decisions on the individual’s behalf. It may limit some of them to making just certain decisions as mentioned in the Power of Attorney forms. Moreover, Signing the Power of Attorney format for authorized signatory is equivalent to signing a blank cheque and so one must select the agent carefully. Additionally, to limit the decisions of the agent, there are mainly four types of Power of Attorney, which include: General Power of Attorney: Under this, the agent manages a broad range of tasks including signing contracts, making financial decisions, real estate deals, and several others. It gives a generalized authority to the individual. Limited Power of Attorney: Under this, the rights of the agent to make decisions are limited. Moreover, the individual can decide the list of rights and decisions which the agent can act on behalf of. Additionally, this usually limits the list to just a specific number of things and legal tasks. Durable Power of Attorney: Under this, the Power of Attorney format for authorized signatory is limited only for the duration mentioned. However, if the individual becomes mentally unstable or faces some health issues, the agent will still hold the Power of Attorney according to the specified period. Healthcare Power of Attorney: Under this, the agent gets the authorization to make medical decisions on behalf of the individual. Likewise, this is usually beneficial for individuals suffering from chronic illness or even for aged people. It is a good decision to take consultation from an experienced lawyer before deciding the Power of Attorney format India. Power of Attorney format India Moreover, the Power of Attorney format for authorized signatories varies according to the rights and provision of authority for the legal decisions. Additionally, you can check the Power of Attorney format PDF through the web, and one must mandatorily mention all the rights in POA. The General Power of Attorney format PDF is as mentioned below: Moreover, it is mandatory to have the Power of Attorney format PDF signed from the legal notary. One must mention the following details on the Power of Attorney format PDF: The name of the principal The name of the agent Signature Details and legal authorities provided to the agent Other details depending on the Power of Attorney format for authorized signatories Amount of stamp duty for Power of Attorney Depending on the agent, they decide the amount of stamp duty. For all the family members, a stamp duty of ₹500 is applicable while registering. In other cases, one has to pay the stamp duty according to the market value of the property or the assets. Additionally, one has to compulsorily pay registration fees of ₹100. The stamp duty amount varies depending on the Power of Attorney. Conclusion While signing the Power of Attorney, it is essential to choose a trusted agent and provide them with the right legal authorities. Similarly, it is provided to a trusted family member. One can provide the POA to over one member as well. Additionally, one must follow the right format along with all the details to avoid any future consequences.