{"id":150,"date":"2019-06-20T10:46:12","date_gmt":"2019-06-20T05:16:12","guid":{"rendered":"https:\/\/aktassociates.com\/blog\/?p=150"},"modified":"2020-01-16T11:51:09","modified_gmt":"2020-01-16T06:21:09","slug":"power-of-attorney","status":"publish","type":"post","link":"https:\/\/aktassociates.com\/blog\/power-of-attorney\/","title":{"rendered":"Power of Attorney : Types,Legal Advice Expert in India"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_66_1 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >In this article, we will discuss about...<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #1e73be;color:#1e73be\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #1e73be;color:#1e73be\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/aktassociates.com\/blog\/power-of-attorney\/#What_Is_a_Power_of_Attorney\" title=\"What Is a Power of Attorney?\">What Is a Power of Attorney?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/aktassociates.com\/blog\/power-of-attorney\/#Types_of_Power_of_Attorney\" title=\"Types of Power of Attorney:\">Types of Power of Attorney:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/aktassociates.com\/blog\/power-of-attorney\/#Who_should_use_the_power_of_Attorney\" title=\"Who should use the power of Attorney?\">Who should use the power of Attorney?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/aktassociates.com\/blog\/power-of-attorney\/#Important_clauses_of_Power_of_Attorney_which_must_be_entered_into_a_POA\" title=\"Important clauses of Power of Attorney, which must be entered into a POA\">Important clauses of Power of Attorney, which must be entered into a POA<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/aktassociates.com\/blog\/power-of-attorney\/#Why_Is_a_Power_of_Attorney_Better_Than_a_Conservatorship\" title=\"Why Is a Power of Attorney Better Than a Conservatorship?\">Why Is a Power of Attorney Better Than a Conservatorship?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/aktassociates.com\/blog\/power-of-attorney\/#How_a_Power_of_Attorney_significant\" title=\"How a Power of Attorney significant?\">How a Power of Attorney significant?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/aktassociates.com\/blog\/power-of-attorney\/#What_are_the_risks_associated_with_a_Power_of_Attorney\" title=\"What are the risks associated with a Power of Attorney?\">What are the risks associated with a Power of Attorney?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/aktassociates.com\/blog\/power-of-attorney\/#Can_you_manage_your_own_affairs_even_after_drafting_a_Power_of_Attorney\" title=\"Can you manage your own affairs even after drafting a Power of Attorney?\">Can you manage your own affairs even after drafting a Power of Attorney?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/aktassociates.com\/blog\/power-of-attorney\/#Can_a_Power_of_Attorney_be_canceled\" title=\"Can a Power of Attorney be canceled?\">Can a Power of Attorney be canceled?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/aktassociates.com\/blog\/power-of-attorney\/#Power_of_Attorney_by_Non-Resident_Indians_NRI\" title=\"Power of Attorney by Non-Resident Indians (NRI)\">Power of Attorney by Non-Resident Indians (NRI)<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"What_Is_a_Power_of_Attorney\"><\/span>What Is a Power of Attorney?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">A<\/span> <span style=\"font-weight: 400;\">power of attorney<\/span><span style=\"font-weight: 400;\"> is a very integral part of your estate plan. Power of attorney permits one to appoint a person or persons to handle the financial affairs on behalf of the other or it can be treated as a document that delegates the executive power. However, some power of attorney is used for short-term purposes, for example permitting someone else to handle a <a href=\"https:\/\/aktassociates.com\/blog\/maha-rera-quarterly-filing-and-updates\/\" target=\"_blank\" rel=\"noopener noreferrer\">real estate<\/a> closing for the other when he is unable to attend; most of the modern power of attorneys are \u201cdurable\u201d power of attorneys, which provide that the document will stay in effect indefinitely, no matter even if you become incapacitated. On the other hand, many powers of attorneys go a step ahead and provide that the document will not be in effect until and unless the person is not incapacitated. These are commonly referred to as \u201cspringing power\u201d.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-545 aligncenter\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/06\/power.jpg\" alt=\"power of Attorney\" width=\"700\" height=\"400\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/06\/power.jpg 700w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/06\/power-300x171.jpg 300w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/06\/power-20x11.jpg 20w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Types_of_Power_of_Attorney\"><\/span><b>Types of Power of Attorney:<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li style=\"font-weight: 400;\"><b> General Power of Attorney:-<\/b><span style=\"font-weight: 400;\"> It is the power of attorney which is an instrument executed by the principal authorizing the agent to do certain acts in general on his behalf. If the subject matter is not general rather limited to something either specific or specifically declare by the principal while drafting an instrument then it will not constitute a general power of attorney. It is also known as the limited power of attorney.<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Special Power of Attorney:-<\/b><span style=\"font-weight: 400;\"> It is a<\/span> <span style=\"font-weight: 400;\">power of attorney<\/span><span style=\"font-weight: 400;\"> by which a person is appointed by the principal to do some specified act or maybe acts. In this, an agent conferred with the power to do specific actions in a single or specified transaction in the name of the principal.<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Durable Power of Attorney:-<\/b><span style=\"font-weight: 400;\"> A Power of Attorney which specifically says otherwise, the agent\u2019s power ends if the principal turns mentally incapacitated. However, it may say that it is to remain in effect in the event of future incapacity of the principal. It is also known as a durable attorney.<\/span><\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Who_should_use_the_power_of_Attorney\"><\/span><b>Who should use the power of Attorney?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">There are three major categories of people who should use the Power of Attorney. These are the people who wanted to make\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Authorizing to make medical decisions for the principal<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">managing monetary and legal matters for principal<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Making decisions on behalf of someone who has lost their mental capacity<\/span><\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Important_clauses_of_Power_of_Attorney_which_must_be_entered_into_a_POA\"><\/span><b>Important clauses of Power of Attorney, which must be entered into a POA<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Real estate and property matters<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Selling &amp; Buying investments, operation of bank accounts<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Attorney<\/span><span style=\"font-weight: 400;\">\u2019s<\/span><span style=\"font-weight: 400;\"> powers related to conducting business<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Power to enter into agreements and registrations<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Other basic and vital clauses<\/span><\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Why_Is_a_Power_of_Attorney_Better_Than_a_Conservatorship\"><\/span>Why Is a Power of Attorney Better Than a Conservatorship?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Unlike a conservatorship, a power of attorney is economical and can either take effect immediately or when an affidavit is signed later to the effect that a person is no longer capable of handling his or her affairs, without the intervention of the court. A<\/span> <span style=\"font-weight: 400;\">power of attorney<\/span><span style=\"font-weight: 400;\"> is more flexible than a conservatorship because you can give your attorney, in fact, whatever power you desire, also including the power to give gifts. Though sometimes such power is misused, so it is important to name only that person that you trust. Also, it is possible to involve a probate court where the party things appropriate by requesting that the attorney, in fact, should file an accounting with the court.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"How_a_Power_of_Attorney_significant\"><\/span>How a Power of Attorney significant?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">It is suggested that everyone should consider having a power of attorney. Having one can be more important to your personal well being than a will. The power of attorney allows you to select someone you can trust to handle your affairs if you cannot handle them yourself due to certain reasons. It not just gives you peace of mind but also reassures you in case of an emergency and someone you choose will have the authority to act for you.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In case you don&#8217;t have a<\/span><span style=\"font-weight: 400;\"> power of attorney<\/span><span style=\"font-weight: 400;\"> and you are suddenly incapacitated, your legal heirs may have to go through a very expensive and time-consuming court action to appoint a guardian or conservator to make decisions on your behalf.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_are_the_risks_associated_with_a_Power_of_Attorney\"><\/span>What are the risks associated with a Power of Attorney?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The most effective way of reducing any risk is by being extra careful while choosing the agent. Therefore, you must select someone whom you trust completely. Do not forget that you will be giving your agent the authority to access your funds at a time when you will not be able to keep tabs on what the agent is doing. So he must be very trustworthy. You can also insert ways through which other people can check up on what and how your agent is doing in your absence.<\/span><\/p>\n<h2><a href=\"https:\/\/aktassociates.com\/nri-lower-tds-certificate-sale-of-property-in-india\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-2381\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/10\/NRI-PRoperty-purchase-compliance.png\" alt=\"NRI PRoperty purchase compliance\" width=\"700\" height=\"150\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/10\/NRI-PRoperty-purchase-compliance.png 700w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/10\/NRI-PRoperty-purchase-compliance-300x64.png 300w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/10\/NRI-PRoperty-purchase-compliance-20x4.png 20w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/a><\/h2>\n<h2><span class=\"ez-toc-section\" id=\"Can_you_manage_your_own_affairs_even_after_drafting_a_Power_of_Attorney\"><\/span>Can you manage your own affairs even after drafting a Power of Attorney?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Yes, you can manage your own affairs even after signing a Power of attorney. You are not giving up anything rather you are taking steps in present so that your agent will be eligible to act in whatever condition you have directed him to act.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Can_a_Power_of_Attorney_be_canceled\"><\/span><b>Can a Power of Attorney be <\/b><b>canceled<\/b><b>?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">You can easily revoke a\u00a0power of attorney\u00a0any time by tearing it up or maybe by signing a new one, or by declaring in writing that you want to cancel it. You don\u2019t even have to give a reason for revoking it. However, it is important for you to inform the same to your agent and also to the people with whom your agent has been dealing.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Power_of_Attorney_by_Non-Resident_Indians_NRI\"><\/span><strong>Power of Attorney by Non-Resident Indians (NRI)<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\"><a href=\"https:\/\/aktassociates.com\/blog\/income-tax-provision-an-nri\/\">NRIs<\/a> or any other migrant can assign any trustworthy person to fulfill his responsibility legally. Power of Attorney (PoA) can be beneficial for them by introducing assistance and convenience in <a href=\"https:\/\/aktassociates.com\/blog\/nri-selling-property-in-india\/\">selling down property<\/a> disputes and exchanging old currency notes under demonetization. However\u00a0 But it should be duly attested from the Indian embassy.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>What Is a Power of Attorney? A power of attorney is a very integral part of your estate plan. Power &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"Power of Attorney : Types,Legal Advice Expert in India\" class=\"read-more button\" href=\"https:\/\/aktassociates.com\/blog\/power-of-attorney\/#more-150\">Read more<span class=\"screen-reader-text\">Power of Attorney : Types,Legal Advice Expert in India<\/span><\/a><\/p>\n","protected":false},"author":4,"featured_media":327,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Power of Attorney| Types of POA |Legal Advice Expert in India| AKT Associates<\/title>\n<meta name=\"description\" content=\"This post defines the power of attorney which is a legal document, often in conjunction with a living will that allows a trusted individual to make health care and\/or financial decisions from residents as well as NRIs. 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