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POWER OF ATTORNEY

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POWER OF ATTORNEY

A power of attorney (PoA) is a legal document that forms part of estate planning yet one of the most misunderstood. A PoA will allow an individual Non-Resident Indians (NRIs) to delegate his/her powers to another individual to act on their behalf in India. It is often convenient or maybe even necessary to have someone else act for you as there is advancement in personal, business or commerce transactions. Non-Resident Indians (NRI’s) or Persons of Indian Origin (PIO’s) are familiar with the concept of a PoA document as they often inherit or own Indian property whilst being based outside of India.

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What is a Power of Attorney?

A PoA is an authority given by a written formal instrument whereby one person termed the donor or principal authorises another person termed the donee, attorney or agent, to act on his/her behalf. A Power of Attorney is a legal document by which one person gives the right to perform or powers of transacting in matters relating to a property, banking, legal and judicial proceedings, tax payments, etc, to another person due to certain reasons like being out of the country, or getting old, or not able to look after one’s duties in those matters etc.

Why do you need a Power of Attorney?

Usually, a PoA is created by NRI’s who cannot carry out transactions in person by themselves due to various reasons. The following are the reasons that commonly force an individual to give the power of performing to another person. The principal may be:

  • out of the country due to personal or business-related reasons
  • suffering due to ill health and/or a disability
  • unable to travel due to a disability
  • old age or senior citizens
  • or any other reason for being unable to conduct the transactions personally