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WHY POA IS REQUIRED

Physical handicap

Travel restriction

Busy

Elderly

TYPE OF POA

GENERAL POA

SPECIAL POA

DURABLE POA

HEALTH CARE POA

LEGAL STATUS

WHO CAN CREATE POA

WHEN INVALIED

DRAWBACKS

PRECAUTION

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WHAT IS POWER OF ATTORNY?

A legal document which go through authority to another person for the financial or personal decision.

Power of attorney (POA) is legal documents which accommodate you to appoint a person or organization to operate your property, financial, or medical affairs if you become unable to do so. But, all POAs are not created equal. Each type gives your attorney (the person who will be making decisions on your behalf) a various level of control.

POWER OF ATTORNEY STRUCTURE

  • Principal: The appoint person who give the power for his property, financial, or medical affairs that person called principal.

  • Agent: The person who receive the power from the principal person that person called agent.

The agent also known as grantee.

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WHY POA IS REQUIRED

  • Physical handicap: Some times a property woner servive pysically problem except mental condition that time he creates a POA agreement.

  • Travel restriction: when you have some property in foreign country, but some issue you not present at that country then you have appointed a agent at foreign country for the sale and other work for the property.

  • Busy: when a business man have a very busy schedule he not to control all the action about is company so he appoint an agent with the help of POA.

  • Elderly: when a person suffer to elder problem so he not to control his property so the appointed agent.

NATURALLY POA IS USED MOSTY

  • Money management

  • Property and real estate management

TYPE OF POA

GENERAL POA
  • A general power of attorney provides broad powers to a person or organization (known as an agent) to act on your behalf. These powers include conduct financial and business transactions, buying and sale insurance, settling claims, operating business interests, making gifts, and employing professional help. General power of attorney is an effective tool if you will be out of the country and need someone to handle certain matters, or when you are physically or mentally incapable of managing your affairs. A general power of attorney is often included in an estate plan to make sure someone can handle financial matters.

CONSIST OF GENERAL POA
  • Details of principal and agent clearly mention

  • Date, time period clearly mention

  • Property details clearly mention

  • Power details clearly mention

Others POA

DURABLE POA

  • To safeguard against any problems, you can sign a durable POA. This is simply a general, special, or health care POA that has a durability provision to keep the current power of attorney in effect.

  • You should also sign a durable power of attorney to prepare for the possibility that you may become mentally incompetent due to illness or injury.

  • Specify in the power of attorney that it cannot go into effect until a doctor certifies you as mentally incompetent. You may name a doctor who you wish to determine your competency, or require that two licensed physicians agree on your mental state.

HEALTH CARE POA

  • A health care power of attorney grants your agent authority to make medical decisions for you if you are insensible, mentally incompetent, or otherwise unable to make decisions on your own.

  • While not the same thing as a living will, many states consider you to include your preference about being kept on life support. Some states will consider you to combine parts of the health care POA and living will into an advanced health care directive.

LEGAL STATUS

WHEN INVALIED

  • Specific task is complete

  • Revoke by principal or agent

  • Validity period is over

  • Principal-incapacitated, bankrupt or die

  • Divorce or legal separation when spouse agent

WHO CAN CREATE POA

  • Mentally sound person _ always valid

  • Mentally incapacitated person_ not in valid, suppose a person make a POA then he suffer to mentally incapacitated so that POA is cancelled

  • Singed and dated by the principal it is the most importent factor

  • Notarized is less then important but some jurisdiction is that important, it’s a good practice.

DRAWBACKS

  • Misuse by agent

PRECAUTION

  • Appointed honest and trustworthy person

  • Carefully draft POA clauses

HOW TO A CHOOSE GENUINE POA

  • Trust is a prime thing when choosing an agent for your power of attorney. If the agent selected is a friend, relative, organization, or attorney, you need someone who will look out for your best interests, respect your wishes, and won't abuse the powers granted to him or her.

  • It is significant for an agent to keep actual records of all transactions done on your behalf and to provide you with periodic updates to keep you informed. If you are unable to review updates yourself, direct your agent to give an account to a third party.

  • As for legal liability, an agent is receive responsible only for intentional misconduct, not for unknowingly doing something wrong. This protection is included in POA documents to inspire people to accept agent responsibilities. Agents are not customarily compensated; most do it for free.

  • Should you, a friend, or relative suspect wrong doing on the part of your agent, report the suspected abuse to a law enforcement agency and consult a lawyer.

POWER

  • To engage, control look after and supervisor the mention property/power.

  • To let out the self property on rent of any person to free the rent of the property

  • He granted the power of Sale, loan, gift of the property

  • Always agent receive virtual owner.

  • To appointed and remove further agent

  • It should be irrevocable

  • Unlimited and broad power

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