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Power of Attorney (POA)
Drafting a Power of Attorney (POA) requires considerable thought and dependability. We at Licit 360 are here to help you make the proper decision while writing a POA.
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A power of attorney is a legal instrument that permits and enables an agent or attorney to act on behalf of, or simply make decisions for, an individual known as the Principal. The agent must or may be given greater or limited ability to make choices on the principal’s finances, investments, finances, bill payment, or medical care.
Authorizing someone to act on your behalf with a Power of Attorney is a difficult undertaking that requires several tasks. A power of attorney must be notarized. So, if you’re confused how to proceed, let Licit 360 handle it.
The POA paperwork authorizes an individual to operate in accordance with the Principal’s directions. Once this Power of Attorney is signed, Agents are given the same authority as the Principal over the Assets. We at Licit 360 can assist you in drafting a Power of Attorney that is crystal clear and without ambiguity.
Type of Power Of Attorney
There are various forms of poa, each of which has an influence on distinct demands and conditions. According to the requirements:-
A durable power of attorney.
A Durable Power of Attorney (Durable POA) is a legal document that stays in effect even if the Principal becomes incompetent, allowing decision-making authority to continue. It is issued if the principal loses mental or physical competency in handling their daily activities. When you become incapacitated, the agent gains the right to make decisions on behalf of the Principal. A durable power of attorney is effective when signed by the principal and stays valid until the principal's death.
Springing power of attorney.
Springing Power of Attorney (Springing POA) is a Special Power of Attorney that takes effect when a specific event occurs, such as Principal Incapacitation. The Principal has the authority to use this event to initiate a Springing Power of Attorney. This condition may be a contributing factor to their inability to act because they have grown mentally or physically impaired.
Health Care Power of Attorney
A Healthcare Power of Attorney (Medical POA or health care POA) is a special legal document (health care proxy) that authorizes the agent to make medical decisions on behalf of the Principal when the Principal is unable to make medical treatment decisions. Medical Power of Attorney is invoked when the Principal is unable to make any health-related choices, allowing the Agent to act in the principal's best interests. In this case, an agent could be a close cousin, acquaintance, or any competent adult in whom the principal has trust and who can act on behalf of them. The Power of Attorney paperwork includes
Financial Power of Attorney
Financial Power of Attorney (Financial POA), sometimes known as generic Power of Attorney (generic POA), is a legal document that grants an individual the capacity to act and manage the Principal's financial affairs but excluding the ability to make health-care choices. This is a limited power of attorney. Important considerations when establishing a Financial Power of Attorney include managing bank accounts, investments, real estate transactions, and other financial issues.
Protection against Power of Attorney abuse
Power of Attorney carries significant danger because it gives a person significant control over their wealth. It may be complicated. So seeking legal advice could be really beneficial. If you are unable to make a decision on these issues, Licit 360 can help. A power of attorney cannot grant an absolute right to one agent.
Abuse of power of attorney can take numerous forms:
An agent may press for permissions that you may not wish to grant. An agent can use the funds for illegal purposes. The Agent may also engage in improper activities such as modifying beneficiaries, policies, and plans.
You and Licit 360 prevent such abuse by
Inform family members, advisors, and friends about the POA so that they can look out for your advantage. Appoint only individuals you trust, and make sure they are aware of your preferences. Powers of Attorney should not be engraved in stone because you can cancel or revoke them at any time.
Who can revoke a Power of Attorney
A power of attorney may be terminated or revoked in the following ways:
The Acts of Principal
In cases where the principal can revoke and cease the relationship with the agent,
By Will, by expressing the Revocation.
Once the POA’s objective has been fulfilled.
If the Agent becomes insolvent or unsound.
By breach of contract.
A Principal may withdraw a POA if there is gross management or a breach of contract terms. In such cases, an irrevocable power of attorney can also be rescinded. After then, you can establish a new POA.
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Choosing an agent:- Risks and Precautions
- Always remember to evaluate and update a POA you have formed, and if circumstances change, the individual can terminate the POA by sending a letter of revocation. It is also advisable to distribute copies to third parties with whom the agent may have interacted.
- Choosing Adult Children and granting them the authority to act on your behalf, as well as establishing a power of attorney in their name, is a superior option because they are trustworthy and capable of carrying out your instructions and wishes.
- It is essential that you seek assistance from reputable specialists such as lawyers, accountants, and doctors to better understand the effects of POAs.
- Also, ensure that the POA mandates the Agent to provide monthly reports on key acts he has performed. It is also customary to have two agents so that they can report on key decisions to one another. If you ever need a power of attorney, Licit 360 is the best location to get one.
Benefit of POA
Protecting assets and ensuring timely decision-making
Provides flexibility.
Enduring and Revocable.
Avoid financial abuse.
Purchase, sell, and rent a property.
Can Withdraw Anytime
Easy Claim Settlements
Avoids legal troubles.
Handling Business and Financial Expenses
Registration Process
- Our legal experts will analyze all of the documents you submit to reduce the possibility of erroneous or misleading information and help the process run smoothly.
- Our best documentation lawyers are available to assist you with your document needs and legal obligations.
- The respective specialist will proceed with your documentation to apply for your Power of Attorney.
- Once the Sub-registrar has verified all of the paperwork, the applicant will receive a Power of Attorney within 30 working days, or with some further delay.
- It is recommended that you wait until one of our professionals contacts you to notify you that your license has been issued.
FAQs on Power Of Attorney
A Will is executed after a person's death, whereas a Power of Attorney (POA) is only effective while the person is alive and expires upon the person's death.
It is not necessary to register the POA unless it represents an interest in any immovable property, i.e., a change in favor of the power of attorney holder.
No, you may prepare it yourself using the Licit 360 App. However, you may always get assistance from our professionals, who will walk you through the procedure.
The key documents you must provide for a POA are your Adhar card, identity proof such as a voter ID, and the government-issued PAN card.
Yes, many agents can be appointed under the Power of Attorney.
Yes, you will need at least two witnesses to complete the attestation.
PoA is classified into two types: general power of attorney (GPA) and specific power of attorney.
Yes, power of attorney agreements can be revoked at any moment. However, you should obtain legal counsel to make your revocation effective, as your POA may still be honored if a financial institution has not received formal notice of its revocation
Minors (under 18) and individuals with unsound minds, such as lunatics and drunkards, are not eligible.
Other people are legally disqualified under the laws to which they are subject.
POA was revoked by the principal.
Following the death of the principle, the court terminated the power of attorney.
The principal divorces their spouse, who also serves as the agent.
An agent cannot continue with the defined tasks.