BUSINESS CONTRACTS
Power of Attorney
Happy businesses & Clients.
Partnered banks & Government Orgs.
India Registered
Google Ratings
Customer Satisfaction Guarantee
POWER OF ATTORNEY
WHAT IS A POWER OF ATTORNEY?
A power of attorney (POA) is a legal document that enables one person to act in another person’s place. The Power of Attorney Act of 1882 defines the authority to act on someone else’s behalf. The POA is given for a number of reasons, including the person’s absence, incapacity, illness, etc. Giving someone POA is a more straightforward decision because they will take care of all your responsibilities without burdening you. The donor is the one who delegates authority.
After learning about your needs, our attorneys will recommend the best POA for you. Ideally, a POA should be given to someone who has your trust and is aware of your needs. That motivates them to carry out your instructions. Legal professionals who will detail the precise nature of your needs can prepare a POA for you. One such company that will manage it for you is Taxkey.
Download Power of Attorney FORM
Instantly download with the Click
ADVANTAGES
POWER OF ATTORNEY ADVANTAGES
- Removes the pressure of having to make decisions for yourself.
- Gives stakeholders a chance to express their opinions more strongly by presenting a different point of view while making decisions.
- There is no doubt about the donor’s motivation.
- Reduces needless hassle associated with performing legal and financial procedures.
- Provides the donor with comfort.
DOCUMENTS REQUIRED
- Name and details of the party
- Validity of the POA
- Powers that are being handed over to the designated person
- Signature of the donor.
TYPES OF ATTORNEYS
Types of Power of Attorneys
GENERAL PoA (GPA)
You can offer a GPA when you want to give someone the full authority to make decisions about your property, bank accounts, or tax obligations. Due to the broad scope of this sort of power of attorney, there are several hazards involved.
DURABLE PoA
Nevertheless, instead of operating within a predetermined framework, the durable power of attorney lasts for the duration of the agreement or for whatever long the document is in effect. It can be used for all kinds of transactions.
MEDICAL PoA
When the principal is unable to make choices about their own healthcare, a medical power of attorney grants the agent the legal ability to do so on behalf of the main. This typically goes into force with the principal’s and the doctor’s approval, and it gives the agent the power to make all medical decisions for the principal.
A POA is made up of numerous legal phrases and clauses. Those terms must be present in the agreement because they clarify the authorized person’s responsibilities. A poorly written POA might be problematic for the donor since the official person may take advantage of it. So, it’s crucial that a POA is created in a way that the donor’s criteria are met. A POA must be accurate both legally and factually. It is wise to draught a POA with the assistance of legal professionals who have knowledge in this field. Legal professionals with Taxkey are knowledgeable about the process and rules of law.
SPECIAL PoA
The special power of attorney is another form that is intended to be provided for purposes other than a specific duty. The special power of attorney expires once the actual act is finished.
LIMITED PoA
A limited power of attorney is employed for one-time financial or banking transactions or the sale of a property. This is frequently used when the principal needs an agent to act on their behalf because they are too busy with other obligations or are ill to finish the deal themselves. The agent’s only rights are those that have been delegated to them inside the power of attorney.
SPRINGING PoA
A springing power of attorney only comes into effect in certain circumstances, such as an unforeseen event or one that takes place when the principal is abroad and unable to handle it. This type of power of attorney can be either durable or non-durable, and it can cover any number of matters that the principal chooses to delegate to the agent. It takes effect at a later date.
We provide expert advice for all size businesses.
Get expert financial advice and personalized consulting to grow your business. Our team of experienced professionals is committed to your success, no matter the size or stage of your enterprise. Let us help you reach your full potential.
How it works
Easy Step Process
We offer consulting services to businesses. Our experts help you achieve your financial goals.
Simplify your finances with TaxKey Accounting's seamless online platform. From registration to personalized financial plans, we're your trusted partner every step of the way.
Experience convenience with our streamlined delivery process. From order to doorstep, we ensure your items reach you swiftly and securely
Need more help?
Testimonials
Our Clients' Reviews
