Durable Power of Attorney | Power of Attorney for Incapacitation | NEXGEN Transf

1. Power of Attorney Website: https://www.nexgentransfer.com/ Call 09599445568

2. What is the Concept of POA? The concept of – Power of Attorney – (POA) has gained importance due to the need of being – present – for business purpose or otherwise, without being physically there. It is legally is defined as the – authority whereby one is set in place of another to act for him. The person granting the document is referred to as the principal individual and the person attaining it is called the ‘agent.’ We need to know three things regarding this formality – the purpose of creating the document, the powers that the agent holds and the method in which the document would finally be brought to its logical conclusion. In India, excluding Jammu & Kashmir, issues related to the Power Of Attorney are governed by ‘The Powers Of Attorney Act, 1882.’ Who Can Grant Power of Attorney? A power of attorney can be executed by any person who is competent to enter into a contract. However, the married women can execute powers of attorney even if they are minors. A company while executing power of attorney must make conformity with the ‘Articles of Association’ and its common seal. A person must be competent to give power to the appointed person so that it will not affect the legality of the instrument/deed of power of attorney. So, anyone who is a major with the appropriate mental capacity can grant the power of attorney to another. The person granting the power of attorney is the "principal" or "grantor," and the person who attains the responsibility is known as the "agent" or "attorney-in-fact."

3. What are the types of Power of Attorney? Power of Attorney could be of various types – General and Special and Durable. General Power of Attorney: The ‘General’ authorizes the agent to act on behalf of the particular person in all matters, or in all matters of a particular nature or generally in respect of general business. This kind of POA is known as General Power of Attorney. Whatever the person can do himself, he is authorizing another person to do on his behalf. Special Power of Attorney: A ‘Special’ format, on the other hand, authorizes the agent to represent the principal party only in the context of some particular specified activity and no sale, exchange, gift or mortgage of a property is to be carried out. This is a restrictive POA and titled as ‘Special Power of Attorney.’ Durable Power of Attorney: A Power of Attorney which specifically says otherwise, agent’s power ends if principal become mentally incapacitated. However, a power of attorney may say that it is to remain in effect in the event of future incapacity of the principal. A power of attorney that says this is called a durable power of attorney. For incapacitation we should use a Special Durable Power of Attorney.

4. What is the Duration of Power of Attorney? A general power of attorney remains in force unless expressly revoked or determined by the death of either of the party. A special power of attorney will be in force until the specified act is not completed. Duration of the power will depend upon the type of the attorney or there may be a fixed period of power granted by the principal which must be included in the deed. What is the validity of the POA? It is imperative that people understand that the termination or revocation of a POA can happen only if one of the two holders dies i.e. the grantor or the agent or it can happen through some other legal methodology. A specific Revocation deed is required to be undertaken for this process to be completed. All such procedures that are carried out are done so under the ambit of the Power of Attorney Act, 1882.

5. Thank You Website: https://www.nexgentransfer.com/ Call: 09599445568