power of attorney

Kindly mention the purpose of execution?

The power of attorney is a convenient device for people who want someone else to legally handle their personal affairs. There are two kinds of power of attorney: special power of attorney and general power of attorney. Both of them grant a gamut of legal powers, but need to be stamped, with signatures attested by a notary public. The registration of a power of attorney is not always mandatory. However, it relates to immovable poverty, it must be registered. Point of caution: be careful, as there have been numerous instances where such powers are misused.

It is a legal instrument, delegating authority to act on one's behalf. One who signs (executes) it is called the Principal. The other is called an Agent or constituted attorney, and acts on behalf of the Principle in matters relating to properly, finance or other such legal matters. The power of attorney is frequently used to help in the event of a principal's illness or disability, or in legal transactions where the principal cannot be present to sign the necessary legal documents. A Principal can give the Agent broad legal authority, or very limited authority.

It is valid:

• Till the purpose for which it is given is accomplished.
• Till it is revoked.
• During the lifetime of the person who makes it. On the death of the Principal, it becomes invalid even if the purpose for which it was given is not completed.
• Till the death of the Agent.

You will have to clear your intention in writing to execute the PA .  Rs.100/- stamp paper is sufficient  if it is unregd.,  When PA is exeucted in favour of relation then regn., is not necessary and in case of other registration is compulsory.

Power of Attorney shall be executed before Notary Public or Judge,Magistrate,Indian consul,vice consul.If it is resitered b4 one of them, there is presumption u/s 85 of Indian Evidence act.

Power of Attorney is 2 kinds.

1. Special power of attorney

2. General power of attorney.

Again , for registration purposes, as follows.

1)General Power of Attorney ( with consideration )

2) General Power of Attorney (without consideration)

General Power of Attorney -with consideration is a special thing , and if if it is drafted in a particular manner ie, if authority is given coupled with interest ' for the power agent, then it is irrevocable.

That means, the Principal cannot revoke the power. Even, the death or insanity will not bind the power agent or will not affect the instrument.