A Power of Attorney (POA) is a legal document that authorizes one person to act on behalf of another. It plays a crucial role in property, financial, and legal matters.
What Is Power of Attorney?
A POA allows the principal to delegate authority to an agent for specific or general purposes. It is governed by the Powers of Attorney Act, 1882.
Types of Power of Attorney
Common types include:
- General Power of Attorney
- Special Power of Attorney
- Durable Power of Attorney
Each serves different legal needs.
Uses of Power of Attorney
POA is commonly used for:
- Property transactions
- Bank operations
- Court representation
- Business management
NRIs frequently rely on POA.
Registration Requirements
POA related to property transactions must be registered. Non-registration may render it invalid for certain purposes.
Legal Validity and Revocation
A POA can be revoked anytime unless coupled with interest. It automatically ends on death or incapacity of the principal.
Risks and Precautions
Improper POA use may lead to fraud. Limiting powers and choosing trusted agents is essential.
Online Legal Consultation
Online platforms help draft legally sound POAs, ensuring compliance with state-specific rules.
Conclusion
Power of Attorney simplifies legal processes when used carefully. Professional legal guidance prevents misuse and future disputes.