The following fields are required to complete your application for this service.
A Power of Attorney (POA) is a legal document that authorizes one person (the agent or attorney-in-fact) to act on behalf of another person (the principal) in specific matters, such as financial or legal transactions. The principal can grant broad or limited powers, depending on the nature of the agreement.
Types of Power of Attorney in India
-
General Power of Attorney (GPA)
- Grants the agent broad powers to manage all aspects of the principal’s legal, financial, and business matters.
- Used for general matters like handling bank accounts, buying or selling property, etc.
-
Special Power of Attorney (SPA)
- Grants the agent authority to act only in specific tasks or transactions, such as selling a particular property or handling a specific legal matter.
- Limits the scope of authority to clearly defined activities.
-
Durable Power of Attorney
- Remains effective even if the principal becomes incapacitated.
- Typically used for healthcare decisions and long-term financial matters.
-
Springing Power of Attorney
- Becomes effective only upon the occurrence of a specified event (e.g., the principal’s incapacity).
- Common in healthcare and financial management.
Key Elements of a Power of Attorney
- Principal and Agent Information: Full names and addresses of the parties involved.
- Scope of Authority: Clear description of the powers granted (general or specific).
- Duration: Specify whether the POA is temporary or permanent.
- Signature and Witnessing: The document must be signed by the principal and witnessed by a notary or two witnesses, depending on the type of POA.
Legal Formalities for POA in India
- Execution: The POA must be signed by the principal in the presence of two witnesses or a notary.
- Stamp Duty: POAs in India are subject to stamp duty, which varies depending on the state and the value of the transaction.
- Registration: For certain transactions (e.g., property dealings), the POA must be registered with the sub-registrar.
Benefits of Power of Attorney
- Convenience: Enables someone you trust to handle tasks in your absence or incapacity.
- Legal Authority: Gives the agent the legal right to act on your behalf.
- Flexibility: Tailor the POA to specific needs, whether for financial, property, or healthcare decisions.
How We Assist
- Consultation: Understand your requirements and the scope of authority needed.
- Drafting: Create a clear and legally valid POA document tailored to your needs.
- Execution and Registration: Assist with the execution, stamping, and registration of the document, if required.
Ensure your affairs are managed according to your wishes with our expert Power of Attorney services, giving you peace of mind in various situations.