A power of attorney (POA) is a legal document that allows an individual to act on behalf of another. The power to act on behalf of someone is elaborated under the Power of Attorney Act 1882. The POA is granted for several reasons, such as the person being abroad, being indisposed, ill, etc. Thus, granting the POA is an easier choice as another person will take care of all your duties and responsibilities without burdening you. The person who grants authority is known as the donor. There are many types of POAs such as: –
- General POA
- Specific POA
- Deed of revocation of POA
- Durable POA
- Non-durable POA
Governing Law in India
The Power of Attorney Act is the sole law that governs POA in India. Further, certain provisions of the Indian Stamp Act, Indian Registration Act, Civil Procedure Code and Indian Evidence Act mention POA.
Benefits of Power of Attorney
- Takes the burden of decision making off your shoulders
- Shows another point of view in decision making
- Gives an opportunity for stakeholders to be more opinionated
- The intent of the donor is not questioned
- Reduces unnecessary hassle when it comes to doing the legal and financial procedures
- Gives peace of mind to the donor.
Procedure of Power of Attorney
- Step 1: Reach out to our expert lawyers who will draft a suitable POA for you
- Step 2: Our legal experts will ask you generic questions and go through your requirements
- Step 3: The details will be enumerated by the lawyer and a POA will be drafted
- Step 4: The POA has to be then signed in the presence of two witnesses (witness signature is also required)
- Step 5: The POA is to be signed by a legal notary
- Step 6: Stamp duty is also to be paid. It varies according to the nature of the POA.
- Name and details of the parties
- Powers that are being handed over to the designated person
- Validity of the POA
- Signature of the donor.