Special Power of Attorney
A legal document that gives authority to a person (mostly referred to as an agent) to act on behalf of another person (who is referred to as the principal in legal terms) in conditions where the principal is not in a state of making valid decisions for himself. The document is property specific, irreversible, and legally binds the principal to agree to the special attorney’s decision under specific conditions.
Important facts about SPoA
● Only under specific conditions can a representative act on behalf of the principal.
● A general power of attorney allows the agent to make all decisions regarding financial and legal conditions on the principal’s act. Hence, it is more expensive than a special attorney.
The benefits of a power of attorney
● In this attorney will ensure that decisions are taken according to the will and choices of the principal and will handle conditions the way the principal would want them to under circumstances where the principal is unable to take actions and make decisions by themselves.
● After your death, the special powers that were made to last for the duration of your life would be revoked and your assets would still be taken care of according to the terms stated in the will.
An Example of a Special Attorney
A special attorney is a solution for people living outside of the nation, who may not be able to make business transactions themselves, or people with medical conditions that restrain them from making decisions. The acts that can be performed by an agent under this attorney are limited to extremely special conditions.
Types of Power Of Attorney
Special Power can be of various kinds. Below listed are a few:
● Limited Power: This document transfers the authority from the principal to an agent for a constrained period and a specific transaction. After the completion of the transaction, the power expires.
● General Power of Attorney: The document is responsible for transferring the authority of all the principal’s business to an agent. The contract remains active during the lifetime of the principal and is revoked after his death.
● Springing power of attorney: The springing power of attorney becomes active and effective only in certain circumstances.
f you want to learn more about will. Do read this article- IS A POWER OF ATTORNEY STILL EFFECTIVE AFTER A PERSON’S DEATH?
FROM HEMANT K MIDHA