POWER OF ATTORNEY – Meaning, Types and POA for property

Power of attorney is giving or delegating authority to someone to perform a certain duty, such as selling a property, representing you in court, negotiating with possible buyers, and so forth.

power of attorney

Meaning of Power of Attorney:

A power of attorney (PoA) is a formal agreement that allows one person to act on another’s behalf. It is a legal document that grants the right to act on behalf of the principal to an attorney-in-charge or other legal agent. The lawyer in charge has either unlimited or restricted power to act on behalf of the principal. On behalf of the principal, the agent may make choices affecting the person’s property. It can also include the principal’s finances, or medical care.

Types of Power of Attorney (POA)

1. General Power of Attorney 

general power of attorney

A general power of attorney gives an agent wide control over the business of a person. Several responsibilities are within the authority of the agent, or the person chosen to represent the principle. The duties include purchasing or selling real estate, as well as establishing business contracts on the principal’s behalf.

2. Special Power of Attorney

 

Limited or special powers of attorney are the best options for someone who wants to restrict the agent’s authority. The extent of the agent’s authority must be specified in as much detail as possible. It must be done before the limited power of attorney is signed and notarized. It is essential to consult a legal advisor if someone is unsure of what should be covered by the special power of attorney.

3. Durable Power of Attorney

 

A durable POA allows your agent to continue acting on your behalf even if you become incapable, such as if you go into a coma. Because you’re preparing for a scenario in which you might not be able to make decisions on your own, it’s usual for your POA to be durable if you’re using it for estate planning. Unless you express otherwise, the court will normally assume that a POA is durable in most states. To avoid any misunderstandings, it’s best to expressly indicate whether you want your POA to be durable in the paperwork.

4. Non-Durable Power of Attorney

 

 

If you become incapacitated while using a non-durable POA, your agent’s authority to act expires. While not effective for estate planning, non-durable POAs may be helpful in other circumstances. You might, for instance, give your stockbroker a non-durable POA so they can oversee your investments on a daily basis.

5. Healthcare or Medical POA

healthcare power of attorney

 

 

The principal reserves the right to select the level of care they would like in the event that they become very ill. In the event of a life-threatening illness, a medical or health care POA allows the agent to make decisions on the principal’s behalf. Because they take into account the possibility that the principal may be too ill to make their own decisions, the majority of health POAs fall under the durable category.

How to Create a GPA for Property

Follow these procedures to create a General Power of Attorney for Property:

 

  1. After choosing the person to whom you wish to grant the powers, draft the general power of attorney deed.

  2. Since it involves immovable property, print it on stamp paper with the appropriate value for the State in which you reside or the location of the property.

  3. If you are the Grantor, sign the Deed at the bottom of each page.

  4. The Deed must have two witnesses who both sign and certify to it.

  5. You must register the deed at the proper Sub-Registrar office and pay the appropriate registration costs in accordance with State regulations because it includes immovable property.

  6. Give your attorney a copy and save the original.

Conclusion 

You can ensure that you have a plan in place for managing your financial and personal affairs if you are ever unable to do so by appointing someone to retain your power of attorney and indicating that it will function even if you lose capacity.

The agent may be given either limited or unrestricted power to make decisions on the principle’s health, property, or finances on behalf of the principal. When a person is incapable of making their own decisions and is incapacitated, a POA is frequently used. 

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