Power of Attorney
A power of attorney, often known as a POA, is a legal document that authorizes an attorney-in-charge or legal agent can act on favor of a principal with extensive or limited authority. On behalf of the principal, the agent can make selections about medical treatment, finances, and property.
A power of attorney is used in the event that the principal is incapacitated due to illness or incapacity. If the principal is unavailable to sign off on financial or legal transactions, the agent may act on his or her behalf.
When the originator dies, revokes it, or it is declared invalid by a court of law, the power of attorney expires. When a creator divorces a spouse tasked with a power of attorney, or when an agent is unable to continue carrying out defined obligations, a POA comes to an end.
Various of Powers of Attorney
● A General Power of Attorney
In this attorney is a comprehensive mandate that grants an agent extensive authority over a principal’s affairs. The agent is responsible for a number of responsibilities. Among the responsibilities are buying and selling real estate, as well as entering into contractual relationships on behalf of the principal.
● Limited or Special Power of Attorney
This power of attorney is the way to go if you wish to limit what the agent can do. Before notarizing a limited power of attorney, the agent’s tasks should be specified as precisely as possible. If an individual is unsure about what should fall under this power of attorney, it is essential to consult with legal advice.
● Durable Power of Attorney
This is only valid for the time period that the person wishes to have someone else act on his or her behalf. A non-durable POA will be revoked or expire when the designated expiration date approaches. What will happen, though, if the agent gets incapacitated? Will the POA still be in effect?
● Medical or Healthcare Power of Attorney
If the principal becomes seriously ill, he or she retains the right to choose the level of care that is provided. In the event of a life-threatening illness, a medical or health-care POA allows the agent to make decisions on behalf of the principal. The majority of health POAs are durable because they account for the possibility that the principal will become too ill to make their own decisions.
If you want to learn more about will. Do read this article – LET US LEARN ALL ABOUT THE POWER OF ATTORNEY FOR PROPERTY REGISTRATION IN INDIA.
FROM HEMANT K MIDHA