Power Of Attorney Format

What is the Power of Attorney (POA)?

A Power of Attorney is a legal document that gives an individual (agent) the power to manage the legal and even some personal decisions for the other individual (principal). The agent can have the powers to make broad legal decisions or these can even be limited, according to the will of the principal. They usually appoint the Power of Attorney when the individual themselves cannot be present to sign their documents. It is a very important decision, and the individual must make it with utmost care.

Eligibility for Power of Attorney forms

One must follow the Power of Attorney format, India mandatorily. There is a specified eligibility criterion, as per the Indian Contract Act, to be eligible for the Power of Attorney forms. The people who cannot claim for the Power of attorney format include:

• Individuals below the age of 18 years
• Mentally unstable individuals
• The individuals who are disqualified by the law

Types of Power of Attorney

The agent appointed under the Power of Attorney format may or may not make all the decisions on the individual’s behalf. It may limit some of them to making just certain decisions as mentioned in the Power of Attorney forms. Moreover, Signing the Power of Attorney format for authorized signatory is equivalent to signing a blank cheque and so one must select the agent carefully. Additionally, to limit the decisions of the agent, there are mainly four types of Power of Attorney, which include:

• General Power of Attorney:

  Under this, the agent manages a broad range of tasks including signing contracts, making financial decisions, real estate deals, and several others. It gives a generalized authority to the individual.

• Limited Power of Attorney:

  Under this, the rights of the agent to make decisions are limited. Moreover, the individual can decide the list of rights and decisions which the agent can act on behalf of. Additionally, this usually limits the list to just a specific number of things and legal tasks.

• Durable Power of Attorney:

  Under this, the Power of Attorney format for authorized signatory is limited only for the duration mentioned. However, if the individual becomes mentally unstable or faces some health issues, the agent will still hold the Power of Attorney according to the specified period.

• Healthcare Power of Attorney:

  Under this, the agent gets the authorization to make medical decisions on behalf of the individual. Likewise, this is usually beneficial for individuals suffering from chronic illness or even for aged people.

It is a good decision to take consultation from an experienced lawyer before deciding the Power of Attorney format India.

Power of Attorney format India

Moreover, the Power of Attorney format for authorized signatories varies according to the rights and provision of authority for the legal decisions. Additionally, you can check the Power of Attorney format PDF through the web, and one must mandatorily mention all the rights in POA.

The general Power of Attorney format PDF is as mentioned below:

Moreover, it is mandatory to have the Power of Attorney format PDF signed from the legal notary.

One must mention the following details on the Power of Attorney format PDF:

• The name of the principal
• The name of the agent
• Signature
• Details and legal authorities provided to the agent
• Other details depending on the Power of Attorney format for authorized signatories

Amount of stamp duty for Power of Attorney

Depending on the agent, they decide the amount of stamp duty. For all the family members, a stamp duty of ₹500 is applicable while registering. In other cases, one has to pay the stamp duty according to the market value of the property or the assets. Additionally, one has to compulsorily pay registration fees of ₹100. The stamp duty amount varies depending on the Power of Attorney.

Conclusion

While signing the Power of Attorney, it is essential to choose a trusted agent and provide them with the right legal authorities. Similarly, it is provided to a trusted family member. One can provide the POA to over one member as well. Additionally, one must follow the right format along with all the details to avoid any future consequences.