Durable Power of Attorney | Power of Attorney for Incapacitation | NEXGEN Transfer

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Power of Attorney

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• What is the Concept of POA?
• The concept of Power of Attorney (POA) has
  gained importance due to the need of being
  present for business purpose or otherwise,
  without being physically there.
• It is legally is defined as the authority
  whereby one is set in place of another to act for
  him.
• The person granting the document is referred to
  as the principal individual and the person
  attaining it is called the agent.
• We need to know three things regarding this
  formality the purpose of creating the document,
  the powers that the agent holds and the method in
  which the document would finally be brought to
  its logical conclusion. In India, excluding Jammu
  Kashmir, issues related to the Power Of
  Attorney are governed by The Powers Of Attorney
  Act, 1882.
• Who Can Grant Power of Attorney?
• A power of attorney can be executed by any person
  who is competent to enter into a contract.
  However, the married women can execute powers of
  attorney even if they are minors. A company while
  executing power of attorney must make conformity
  with the Articles of Association and its common
  seal. A person must be competent to give power to
  the appointed person so that it will not affect
  the legality of the instrument/deed of power of
  attorney.
• So, anyone who is a major with the appropriate
  mental capacity can grant the power of attorney
  to another. The person granting the power of
  attorney is the "principal" or "grantor," and the
  person who attains the responsibility is known as
  the "agent" or "attorney-in-fact."

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• What are the types of Power of Attorney?
• Power of Attorney could be of various types
  General and Special and Durable.
• General Power of Attorney The General
  authorizes the agent to act on behalf of the
  particular person in all matters, or in all
  matters of a particular nature or generally in
  respect of general business.
• This kind of POA is known as General Power of
  Attorney. Whatever the person can do himself, he
  is authorizing another person to do on his
  behalf.
• Special Power of Attorney A Special format, on
  the other hand, authorizes the agent to represent
  the principal party only in the context of some
  particular specified activity and no sale,
  exchange, gift or mortgage of a property is to be
  carried out. This is a restrictive POA and titled
  as Special Power of Attorney.
• Durable Power of Attorney A Power of Attorney
  which specifically says otherwise, agents power
  ends if principal become mentally incapacitated.
  However, a power of attorney may say that it is
  to remain in effect in the event of future
  incapacity of the principal. A power of attorney
  that says this is called a durable power of
  attorney.
• For incapacitation we should use a Special
  Durable Power of Attorney.

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• What is the Duration of Power of Attorney?
• A general power of attorney remains in force
  unless expressly revoked or determined by the
  death of either of the party. A special power of
  attorney will be in force until the specified act
  is not completed. Duration of the power will
  depend upon the type of the attorney or there may
  be a fixed period of power granted by the
  principal which must be included in the deed.
• What is the validity of the POA?
• It is imperative that people understand that the
  termination or revocation of a POA can happen
  only if one of the two holders dies i.e. the
  grantor or the agent or it can happen through
  some other legal methodology.
• A specific Revocation deed is required to be
  undertaken for this process to be completed.
• All such procedures that are carried out are done
  so under the ambit of the Power of Attorney Act,
  1882.

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Thank You

• Website https//www.nexgentransfer.com/
• Call 09599445568