In the chaotic and busy lives nowadays, people forget to take out the time to plan their finances or even their future. Just as much it is important for the individual to plan their budget, it is equally important to hand over their property and assets to the right person for their future. While making the investments, the individual thinks about their financial future, but what about the personal well-being? The Power of Attorney format can do this. 

1. What is the Power of Attorney (POA)?

2. Eligibility for Power of Attorney forms

3. Types of Power of Attorney

4. Power of Attorney format India

5. Amount of stamp duty for Power of Attorney

6. Conclusion

Format of Power of Attorney

GENERAL POWER OF ATTORNEY FORMAT

I, ________________________________ [ FULL NAME], son of _____________________________________ [FATHER’S FULL NAME],

residing at­­­­­­­­­­­­­_______________________________________[ FULL ADDRESS], hereby appoint ________________________________ [ AGENT'S FULL  NAME], son of _________________________________[AGENT’S FATHER’S FULL  NAME],       residing at ________________________________ ____________[AGENT'S FULL ADDRESS], as my Attorney-in-Fact ("Agent").

 

(hereinafter called "the Agent") to be my lawful agent, he shall have full power and authority to act on my behalf. This power and authority shall authorize my Agent to manage and conduct my all business transactions and to exercise all of my legal rights and powers, that I may acquire in the future. My agent’s power shall include, but not be limited to, the power to:

1.To manage my business transactions, investments, securities and movable property in such manner as the Agent shall think fit and to make any payments regarding my business affairs, securities, investment and movable property.

2.To manage my immovable property for the time being in such manner as the Agent’s think fit and to make any outlay in connections with the immovable property thereof or otherwise in relation to the said property or any part thereof.

3.To open, maintain or close bank accounts [including, but not limited, checking        accounts, certificates of deposit and saving accounts], or any other similar accounts with financial institutions.

4.To manage and Perform any act necessary to deposit, negotiate, sell or transfer any note, security, or draft of the United States of America, including U.S. Treasury Securities.

5.To Purchase and/or to maintain insurance, including life insurance upon my life or the life of any other appropriate person.

6.To [Sell/exchange/ buy/invest/ reinvest] any assets or property owned by me. Assets or property may include income producing or non-income producing assets and property.

7. To settle any claim and all legal steps necessary to collect any amount or debt owed to me, whether made against me or asserted on my behalf against any other person or entity.

8.To avail and exercise all stock rights on my behalf as my proxy, including all rights with respect to stocks, bonds, debentures, or other investments.

9.To answer and operate any business that I may own.

10.To Prepare, manage, sign and file documents with any governmental body or agency, including, but not limited to, authorization to:

 

• File income tax and other tax with federal, state, local, and other governmental bodies.
• To obtain information or review documents from any government or its        agencies, and negotiate, compromise, or settle any matter which is related with government or agency along with tax matters.
• To provide information, prepare application and perform any other act reasonably requested by any government or its agencies.

 

11.To  Disclaim any interest which might otherwise be distributed or transferred to me from any other person, trust,  or other entity, as may be appropriate.
 

12.This Power of Attorney shall be drafted broadly as a General Power of Attorney. The listing of specific powers is not intended to limit or restrict as the general powers granted in this Power of Attorney in a prescribed manner.

13.Any power or authority granted to my Agent under this power of attorney shall be limited to the extent necessary to prevent this Power of Attorney from causing:

• income to be taxable to my Agent,
• all assets to be subject to a general power of appointment by my Agent
• Agent to have any incidents of ownership which relating to any life insurance policies that I may own on the life of my Agent.

14.The appointed, Agent shall not be liable for any loss that results from a judgment error that was made in good faith. However, my Agent shall be liable for willful misconduct or misrepresentation the failure to act in good faith while acting under the authority of this Power of Attorney.

15.My Agent shall be entitled to reasonable compensation and also shall be entitled to reimbursement of all reasonable expenses incurred in accordance with this Power of Attorney.

16.My Agent shall provide an accounting for all funds handled and all acts performed as my Agent, if I so request or if such a request is made by any authorized personal representative or fiduciary acting on my behalf.

17.My agent shall appear in my name and in my stead before any competent court and any legal or public authority including but not limited to all national and federal tax authorities.

This General Power of Attorney may be revoked by me at any time by providing written notice to my Agent and shall be effective from the date of its execution in the presence of two independent witnesses.
 

Dated ____________________, 20____ at _________________, _________________

 

YOUR SIGNATURE:

 Full Name:

 Address:

 

[Witness:1]                                                                                    [Witness:2]

Name:                                                                                             Name:

Address:                                                                                         Address:

Signature:                                                                                       Signature:

TAXAJ