Power of Attorney
Power of Attorney is a legal document that allows one person (the Principal) to appoint another person (the Agent) to act on their behalf. It is important to note that the Agent does not need to be a lawyer to hold this authority. In Stroud’s Judicial Dictionary, Power of Attorney is an instrument that enables one to act as an authorised representative of the Principal.
The Indian Stamps Act and Bombay Stamp Act define power of attorney. According to the Acts, it is an instrument empowering a person to act in the name of the person executing it, whether a legal practitioner or not. Two main rules guide the construction of Power of Attorney. Firstly, the operative part of the deed is controlled by the recitals.
Secondly, if authority is given to do certain acts, followed by general words, then the general terms are restricted to what is necessary to perform the particular actions. Power of Attorney can be adequate immediately or upon disability. It may be General or Specific in scope and is usually given for issues such as contracts, agreements, real estate transactions, banking, tax returns, insurance, stocks and securities. Every act performed by the Agent must be within the scope of the authority granted by the Principal.
The Indian Contract Act governs the basic principles of Power of Attorney. It states that an Agent cannot bind the Principal more significantly than he is empowered under the Power of Attorney. Also, fraud by the Agent does not attach the Principal, and any act done by the Agent over the Powers granted will not bind the Principal. Registration of Power of Attorney is not compulsory, but if the Power of Attorney relates to immovable property of more than Rs. 100, it must be registered. Revocation of Power of Attorney can be done by the Principal himself, in the case of death, insanity, or bankruptcy of the Principal, or upon completion of the business for which it was granted.
Our firm offers a range of power of attorney services to help you create a comprehensive estate plan and protect your interests. Our services include Power of Attorney Drafting and Review, and We can review it to ensure that it meets your current needs and is in compliance with state laws.
We can assist you with revoking a power of attorney document if your circumstances have changed or if you are no longer comfortable with the person or entity designated as your Agent. We can guide the person or entity designated as your Agent on their responsibilities and duties under the power of attorney document. In the event of a dispute over a power of attorney document or the actions of an agent, we can represent your interests in litigation to protect your rights and interests.
At our firm, we understand that creating a power of attorney can be a sensitive and complex process. Our attorneys are dedicated to providing personalised and comprehensive services to ensure that your power of attorney meets your unique needs and protects your interests. Contact us today to learn more about our power of attorney services and how we can help you plan for the future.