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A power of attorney (POA) is a lawfully enforceable document that permits you to designate someone to handle your property, medical, or financial affairs. Although it may be unsettling to consider the possibility of needing one, a power of attorney is an important component of any estate plan. Anyone over the age of 18 can create a POA, and it’s a common starting point for people who are ready to start formalising plans for their future.
POA is generally used by those who are unable to manage their affairs. This is usually the result of an illness, ageing, a disability, or simply being absent for an extended period.
Every POA has a distinct level of control over your attorney, in fact, the person who will make decisions on your behalf. Some POAs go into action right away after you sign them, while others only come into play if you become incapable.
In this article, we’ll discuss the idea of an attorney-in-fact and how to draft one. Keep reading to learn more.
A legal contract known as a power of attorney, also called an attorney-in-fact, adheres to both the principal and the agent. It is usually invoked when a principal is ill, incapacitated, or unable to sign legal documents. The principal must designate a dependable POA to run the company on its behalf. Documents are available online or via a lawyer. Both parties must sign the agreement. Most of the time, a third party must view it. When the Principal loses the ability to make decisions for themselves, the Agreement will automatically expire.
The power of attorneys can be categorised into 4 parts!
1. Conventional POA
This type of POA can be used for specific tasks and for a limited period of time.
2. Durable POA
This one is for lifetime usage. As a result, even if the grantor becomes incapable or unsuitable to make decisions, the PoA agent has the authority to do so. A durable POA often lasts until the grantor’s demise or until the grantor revokes the POA.
3. Springing POA
The springing POA is employed for a certain event, date, or circumstance, as well as when the grantor is rendered incapable.
4. Medical POA
This is used to make healthcare decisions. It must be emphasised that the grantor must be conscious and in good physical and mental health before the medical POA will take effect.
No power of attorney is enforceable in your state unless it is properly written, signed, and notarized. Additionally, for your POA form to be enforceable in court, you must be of sound mind when you sign it. Your POA paperwork can include any definitions you feel are necessary for certain phrases. Engaging the assistance of a lawyer might streamline the procedure if you’re unsure of how to proceed or the right language.
So, with a power of attorney, you can specify who will handle your business in your absence, under what conditions, and with what particular instructions.
A person you designate in a POA document as your attorney-in-fact will assist in managing your affairs once the POA becomes effective. Whether this is a short-term or long-term scenario, this individual will be your fiduciary and will be in charge of making choices on your behalf.
An attorney-in-fact need not be an attorney in good standing. There can only be:
1.18 years old
2. Mentally stable
Although a power of attorney can be an oral or written document, it is generally advised to have a written power of attorney with a clear objective. Many free internet templates can be used, but it is strongly advised against doing so because if your Power of Attorney is ambiguous and does not state its purpose clearly, it may give rise to legal problems and may be easily contested. Therefore, it is advised that you always speak with a lawyer who can draft your Power of Attorney according to your needs.
What A POA Should Include:
A power of attorney should contain information like the principal’s and agent’s names, addresses, the date and location of execution, and other pertinent information. In addition, it should:
1. Indicate the kind of authority being granted and if the Power of Attorney is general, particular, revocable, or durable.
2. List the many authorities that are granted to the agents, such as custody, property management, healthcare, etc.
3. Incorporate any obligations to the principal, agent, or third party.
4. Include notaries and the signatures of the appropriate parties.
How To Register POA:
The registration procedure for a power of attorney is mentioned below for Indian residents.
1. First step: Depending on your state, draft a power of attorney document with all the terms and restrictions.
2. Second step: Verify your signatures and the attorney’s signatures on the deed, then get it notarized.
3. Third step: Submit your paperwork in person at your local registrar or sub-registrar office with two witnesses and all necessary supporting documents, including an original and a photocopy of your Aadhar card and proof of your address (Make sure the photocopies are attested by a gazetted officer)
4. Fourth step: The registrar will deposit your documents after they are submitted and will provide you with a copy of each. And that’s it!
None of us can predict everything that will happen to us in this life, regardless of our best attempts. Making a power of attorney is one method to feel more at ease when confronting future uncertainties. Anyone can experience an unforeseen illness or injury. Making a POA allows you to think ahead and give someone you trust the authority to handle your affairs if you are ever unable to.
We hope this post has helped you better understand the concept and how you can go ahead with drafting a POA by yourself.
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