Special Power of Attorney - Power of Attorney

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

2. If you become incapacitated either Physically Incapacitated or Mentally Incapacitated i.e. you are in ‘Çoma’, Paralytic or you are suffering from Dementia etc. In such a situation Who will be able to access your Bank Accounts, your Mutual Fund Investments, if you have rented out a property who will be able to take the rent issue the rent receipt. As your signature is required to access the family savings? What if assets need to be sold to pay for your medical care…but because you cannot sign the relevant documents, the family cannot raise the funds. Your family could be left facing serious financial hardship due to their inability to access your assets while you are still alive. So, it is important to plan for the possibility that at some point in the future, you may not be able to make decisions about your financial assets, housing, property, etc. By making prior arrangements, you can decide who would act as substitute decision-maker on your behalf. As a responsible individual you might have planned how your property will be divided amongst your loved ones following your death through a ‘Will’ . However, all of these plans can seem like a waste of time and effort if the individual, through an accident or illness, finds themselves in a position where they cannot manage their own affair while they are still alive. The individual’s inability to manage his or her own assets, in particular, could result in a substantial depletion of the value of these assets. This could, in turn, render meaningless the individual’s plans for the distribution of his or her assets on death. Creating a ‘Financial Power of Attorney’ is an excellent way to avoid such a situation and makes it possible for you to appoint someone who will be able to access your wealth and take financial decisions on your behalf.

3. A “Power of Attorney” (POA) is a legal instrument whereby one person gives another person the authority to be his/her representative and to make binding legal and financial decisions on his/her behalf. Technically, it is defined extensively as “an authority whereby one is set in the stead or place of another to act for him.” 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.

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