What is the meaning of Power of Attorney?
The Power of Attorney refers to a legal authorization of any person to act on behalf of someone else. In other terms it means the grant of authority to an agent to act on behalf of the principal. Moreover, the agent may be given general or specific power to act on behalf of principal and to take decision about the property, finances, investments, or health care.
How many kinds of Power of Attorney are there?
There are mainly two kinds of Power of Attorney i.e., General and Specific. Though it depends upon the person to which kind of power of attorney he wants to make in favour of the agent. For better understanding the two kinds of power of attorneys are explained herein;
- General Power of Attorney
This power of attorney allows appointed agent to act and take decision on behalf of Principal in every matter. The act and decision taken by an appointed agent in this kind of Power of Attorney are considered as action taken by the principal himself. Thus, there is no bar or embargo upon the agent to not to take decisions in regard to specific subject matters.
- Specific Power of Attorney
This form of power of attorney limits the power of an appointed agent to act on certain subjects. In short, the principal retains some power with himself and allows appointed agent to act upon the limited subjects. For e.g. ‘P’ a principal appoints ‘A’ an agent to act on his behalf only to the subjects pertaining to legal matters and finances.
How to draft a power of attorney?
It is very important to draft a power of attorney in correct legal sense as it is an important document can easily be misused if drafted in a casual manner. There are chances that an appointed agent may misuse the power allocated to him by the Principal, so in order to dispel all such doubts regarding misuse one must be very careful and vigilant while appointing and agent on his behalf and also to go minutely about all the details mentioned in Power of Attorney.
EuroMEA Legal Services has highly qualified team of lawyers and legal consultants which have extensive experience in drafting Power of Attorneys. Our law firm team with the help of legal experts works in a highly proficient manner in order to draft the Power of Attorney and secure the interest of our clients. Here are some of the key points required in drafting up of Power of Attorney.
KEY POINTS
- Head Note of the Power of Attorney must be clear which can clearly establish the fact whether such Power of Attorney is general or specific or durable or any other.
- Correct and Complete Details of both the parties entering into Power of Attorney
- Clear operations must be defined so that agent must act accordingly.
- Scope of the subjects mentioned in Power of Attorney must be defined.
- Rights regarding sale or transfer of any such property may clearly be defined.
- Witness and Signatory column to the Power of Attorney must be there.
- Date Day of execution Power of Attorney. If the Power of Attorney is for any limited time period then such period must also be defined.
EuroMEA Legal Services is committed to provide best advice and legal documents drafting services to our clients. Therefore, in case if you need any suggestion or help in relation the matters related to drafting of Power of Attorney you can contact us freely. Our team is fully committed towards our client to perform their duty and in delivering out the positive results.
