Power of Attorney
Power of Attorney is a document through which one person who is the owner of the property passes the other person its legal rights. By power of Attorney the person gives the other person financial and legal powers regarding the property. In general power of attorney is a document which allows a person or organization to manage the affairs of the said property. The person getting the power of attorney in its name can make legal as well as financial decisions regarding that property.
NRI’s and Power of Attorney
NRI’s are the persons living in the remote countries with a very rare connection left with their Indian property. To manage and handle the affairs of their properties, they need someone other than themselves to look upon their property matters. Thus a remedy available to them is the power of attorney, by using power of attorney they can give financial and legal powers of the property to some person.
General Power of Attorney
General power of Attorney is a document that gives a broad set of powers to the person in whose name Power of Attorney is made. A general power of attorney gives financial powers, Business powers, buying insurance, power to set claims, legal powers and many more. A general power of attorney is most common. NRI’s most commonly use general power of attorney when delegating their powers to other people. While making a power of attorney a valid reason is to be given by the person delegating powers through the power of attorney.
Special Power of Attorney
A special power of Attorney is also a document like a general power of Attorney. Just like general power of attorney a special power of attorney is used to delegate powers to other person. In a special power of attorney a particular power is delegated to other person. It can be made for one cause or it can be made for more than one cause. A special power of Attorney might be made to pass power to sale property, to manage real estate, for collection of debts, to handle business transactions, to delegate power to handle legal matters etc.
Who can have power of attorney?
There is no special condition regarding the grant of power of Attorney. The power of attorney must be passed to a competent person. Now here competent does not mean to have any special position. Competency here means that:-
- The person is an adult of age more than 18 years.
- That person is of sound mind.
- That person is competent by law.
- That person is not a lunatic.
Purpose of Power of Attorney
The purpose of power of Attorney must be stated clear in the said document. The power of Attorney must contain clear title as of to which person it belongs. It shall also state the cause for which the said document is made. The power such as sale, banking, finance or any other power shall be clearly stated in the Power of Attorney.
Dissolution of Power of Attorney
The Dissolution of Power of Attorney and the way it is to be dissolved shall be mentioned in the Power of Attorney deed. The parameters followed by which the Power of attorney document cease to exist shall be added. The Power of Attorney generally dissolves according to the procedure mentioned in the Power of Attorney document.
Need of legal assistance while forming a Power of Attorney
Legal assistance is required in forming a Power of Attorney. There are certain facts which has to be added in the document. The deed needs to be encrypted in legal language. It has to be verified and signed by the parties. Also, it has to be signed by witnesses. A power of attorney is also required to be registered at the local sub registrar’s office. Thus a Power of Attorney shall be made with the help of a Law practitioner. A lawyer’s assistance will not only make things easy, also a well experienced property lawyer will help in making a legally protected Power of Attorney.
Our team of experienced property lawyers have experience in dealing with property cases. Our lawyers have deep knowledge about the problems that may arise relating to Power of Attorney. Our legal team precisely guides the NRI’s in property matters. Counselling session with us can be made on call and through video conferencing. Walk in Counselling sessions can also be interviewed with our Legal Team