What is a power of attorney and why is it so important?
What are the different types of power of attorney ?
Who can be appointed as a power of attorney?
How do I make a Power of Attorney in India?
Conclusion and Summary of Power of Attorney
What are the Charges to Make Power Of Attorney
Power of Attorney is an important document which helps in appointing a person to act on behalf of the principal ( You) . It is a legal document which needs to be taken seriously, and there are certain things you should understand before making this decision. Read this article for the top 4 things to know before you make Power of Attorney In India.
A Power of Attorney (POA) is a legal document that gives another person the authority to act on your behalf in financial or legal matters. You can give someone POA to buy or sell property on your behalf, sign documents, or make decisions about your money.
There are two types of POA: general and limited. A general POA gives the person you appoint (called your "agent" or "attorney-in-fact") broad powers to handle your affairs. A limited POA only allows your agent to take specific actions that you authorize.
Part I
POA is important because it allows you to plan for what will happen if you become incapacitated and can no longer make decisions for yourself. If you have a medical emergency or are injured in an accident, for example, you may not be able to communicate your wishes about your care or finances. Having a POA in place ensures that there will be someone you trust who can make decisions on your behalf.
It's also important to have a POA if you own property or other assets in more than one state. Without a POA, your family members would have to go through the time-consuming and expensive process of getting court approval to manage your affairs in each state.
Part II
If you are travelling abroad and you want some one to act on behalf of you as you say that the same can be done and the process is called i simple terms delegating your powers to someoen whom you trust.
A Power of Attorney can broadly be classified into two categories – Special and General. A Special Power of Attorney is one which authorizes a specific act or transaction while a General Power of Attorney authorizes the attorney to do all acts that may be lawfully done by an individual on his own behalf. The following are the different types of Powers of Attorney that are available in India:
a) Ordinary General Power of Attorney : This type of Power of Attorney does not need to be registered and can be used for routine matters such as selling property, withdrawing money from bank, etc. It becomes void once the principal revokes it or on the death of the principal.
b) Durable Power of Attorney: This type of Power of Attorney remains valid even if the principal becomes mentally incapacitated. It needs to be registered with the Registrar’s office in order to be valid.
c) Limited/Specific Power of Attorney: As the name suggests, this type of Power of Attorney authorizes the attorney to carry out only specific acts on behalf of the principal. It needs to be registered in order to be valid.
A power of attorney (POA) can be appointed by any person who is above the age of 18 and is of sound mind. The appointee must be someone whom the individual trusts to make decisions on their behalf, and who is willing to accept this responsibility. The POA can be revoked at any time by the individual appointing them.
Daughter can appoint Mother, Mother Can Appoint Son. Relation plays an important role . The Fee Structure and government charges changes as per the relation between you and your attorney. For more details you can call 8082100200
There are two types of Power of Attorney in India- one for property matters and one for financial matters.
For a property matter, the document must be registered with the Registrar Office. The POA holder can then carry out transactions on behalf of the you including selling, gifting, transferring or mortgaging property.
For a financial matter, the POA holder can open and operate bank accounts, make investments, file tax returns and carry out other financial transactions on behalf of the Settlor.
The process for making a Power of Attorney in India is as follows:
1) Draft a Power of Attorney document which appoints an Agent to act on your behalf.
2) You must sign the document in front of two witnesses who are not related to you.
3) The document must be registered with the relevant authority, depending on what type of Power of Attorney it is.
4) Once registered, the Agent can start acting on behalf of the you according to the terms set out in the document.
5) The process of registration and public data entry and paying of the fees can be done by your appoint lawyer who can do this at a reasonable fee. For help in registration you can call 8082 100 200
When you give someone Power of Attorney (POA), you are essentially giving them the legal authority to act on your behalf. The duties and rights of a POA holder can vary depending on the specific terms of the POA, but generally speaking, a POA holder has the right to make decisions and take actions on your behalf as long as they are in accordance with your wishes.
As the grantor of a POA, you can revoke or cancel the POA at any time as long as you have the mental capacity to do so. It is important to keep in mind that once you give someone POA, they have a great deal of responsibility and you should only choose someone you trust implicitly to handle your affairs.
Making a Power of Attorney in India can be a complex process, but with the right knowledge and understanding it doesn't have to be. We hope that our tips have given you an insight into what to look for when making a Power of Attorney in India, so that you can make sure your rights are protected. If you need any help or advice on this matter, please don't hesitate to contact us and we will be more than happy to help.
What are the Charges to Make Power Of Attorney ?
The Basic Charges for Drafting a Power of Attorney at Hemani Law firm is 6500 Rupees.
Registration Chagres and Government Fees may vary upon your location of registration and the relation between you and your attorney. The government fee for giving power from Daughter is mother is INR 500 to INR 1000 depending upon the number of pages your document contains and then to be scanned at the registration office
Get your Power of Attorney Drafted and registered with Hemani Law firm at Dahisar East Mumbai 400068
Note : The article is a basic understanding given for the reader for the purpose of getting more information through online search and it is advised to appoint a learned person to execute the power of attorney registration and drafting. As an author of the article we do not vouch or are narrating any government procedure.