Well a Vakalatnama is exectued in favor of the counsel who represents the litigant before any court of law whereas the Power of Attorney can be executed in favour of any person including a Counsel.
Nobody can tell you what could be the best offer for you, either the share in the property or the money. You may get the money right away and then you can invest the same as per your requirements or you may wait for your share which may either be less than what your brother is offering you or it may be more than what you take now. So you have to decide for yourself considering all the relevant circumstances surrounding you.
When the above stated suit for partition is filed before the concerned court, you may submit before the Court to relinquish your share in favor of your brother. You cannot execute a vakalatnama in favor of your brother but can execute power of attorney in his favor so that he may represent you before the Court.
You may feel free to contact for any further clarrification.
Tarveen Singh Nanda
Advocate & Consultant