HomeIndia NewsHaq Ki Baat: What is Power of Attorney, when it is needed,...

Haq Ki Baat: What is Power of Attorney, when it is needed, there is no risk, know every important thing

New Delhi : A word is prevalent in common parlance for works like making legal documents, buying property etc. – written read. An average Indian gets a little intimidated by this word. There is scope for fraud. Power of Attorney is also one such written act. In this issue of ‘Haq Ki Baat’ series let’s talk about ‘Power of Attorney’. After all, what is it, how many types are there, when it is needed, how it is canceled, how much is the risk, what are the things that should be taken care of before issuing it… know the answer to every such question.

First of all, let’s understand why there is a need to know all this. Suppose a person is ill, has taken bed or has been abroad for some years in connection with the job. If he has to buy or sell a property, do some important transaction, file ITR, do any bank related work, what will he do? There is a power of attorney for such a situation. Think of it like this. Suppose a person is abroad for some years in connection with the job. In the meantime, he needed to buy or sell a property here. Now he cannot come home again and again, what is the cost in this. There are restrictions on holidays etc. So what should he do? Here he can exercise power of attorney. It is also called a power of attorney. He can authorize a relative on his behalf. He will complete all the formalities on his behalf.

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What is Power of Attorney?
A power of attorney is a legal document by which a person authorizes another person to perform necessary transactions on his behalf. It is generally used when a person is abroad or is very ill or is suffering from health problems related to aging and due to this he can buy and sell property, file tax return, bank related work. be unable to do so. The person who issues the power of attorney is called the principal, guarantor or donor. And the person in whose name it issues i.e. whom he authorizes on his behalf is called agent or power of attorney agent.

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How many types are there?
According to the Power of Attorney Act, 1882, there are mainly two types of Power of Attorney – General Power of Attorney and Special Power of Attorney.

The person authorized in the General Power of Attorney, that is, the agent, has a lot of powers. He can withdraw money from the bank, pay taxes, make investments, buy or sell property, represent him in court cases etc. on behalf of the guarantor. Since the agent gets a lot of rights in this, the risk of its misuse is also high. So be careful while choosing an agent in General Power of Attorney. Choose the one who is your most trusted.

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Now about the special power of attorney. In this, the guarantor only gives certain rights to his agent. such as can authorize him to perform court proceedings on his behalf or can authorize the sale of property. Once that is done, the power of attorney will automatically expire i.e. will no longer be valid.

who can issue
The guarantor can issue a power of attorney in the name of any person who is above the age of 18 years and in whom he trusts. He can also issue multiple PoA at the same time and can also decide whether all the agents should work together while taking a decision. Usually more than one power of attorney is used as a backup. For example, if the agent gets sick or gets injured, the backup person can do the related work. In this way, you can issue the name of any member of your family, friend or even an expert or professional person in the relevant field.

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caution needed
Caution is essential when choosing an agent. Choose someone who is trustworthy. Remember, signing a power of attorney is similar to signing a blank-cheque. Therefore it is important to choose an agent wisely.

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If you want to cancel, is it possible?
While alive, the guarantor can get the POA canceled at any time provided he is completely mentally sound. Special Power of Attorney has less risk as it terminates automatically as soon as the work is done. But the general power of attorney carries more risk. In such a situation, if the guarantor wants to withdraw the POA, he can withdraw it at any time. For this, he has to give written information about this to the agent. After this, sign the document in the presence of a public notary and send it to the agent. Apart from the agent, the document should also be sent to all the parties with whom he has dealt with or is dealing.

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Agent can’t do this work
There are some things that an agent cannot do. Its purpose is to reduce the possibility of misuse of power of attorney. For example, if the agent wants to give his responsibility to another person or wants to make a will after the death of the guarantor, then he cannot do this. Apart from this, he cannot take any action which benefits him or for which he has not been authorized. The power of attorney lapses after the death of the issuer.

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