The power of attorney is one of the most important things in our life when you operate a business, handle companies or financial firms, and lead an organization. A power of attorney gives you right to operate an organization as per your needs, such as Making financial decisions, Buying life insurance, Settling claims, Operating business interests, Protecting or claiming personal or estate assets, etc. In most of the cases, powers of attorney are used to meet short-term goals. But, modern powers of attorney are “durable” powers of attorney which allows individuals to stay effective in important business decisions for a long period of time.
If you handle a business and want to have its power of attorney or transfer it to a trustworthy partner, you need to follow some rules and regulations. If you don't know that specific rules and regulations, it would be better for you to choose corporate law firm in India to settle all the matters easily and quickly. Let's see how all these works: 1. Collect The Required Documents There are different types of power of attorneys, such as Medical Power of Attorney, General Power of Attorney, Limited Power of Attorney, Springing Power of Attorney, Durable Power of Attorney, etc. First of all, decide which type of power of attorney is needed. Based on your specific needs, you need to arrange all documents without any fail. These documents may include, your proof of personal identification and place of residence, Statutory Declarations and Affidavits for court proceedings, Statutory Declarations and Affidavits for court proceedings, Legal documents, etc.
2. Choose The Right Person You need to choose a right person who can act on your behalf. He/she may be a family member, a longtime & trusted friend, an experienced and trustworthy professional (such as a lawyer, accountant, doctor). This person must hold at least 18 years of old. Minors are not entitled for POA. If you want to choose multiple POA co-agents to work as a team, you can also do that as per the law.
3. Write The Power Of Attorney Carefully Just write the power of attorney on plain paper and sign it. The sign of 2 witnesses is also needed for it. The addresses of the applicant and witnesses should be typed clearly to avoid any problem in the future. All these can be conducted in the presence of a notary public. As all post offices and banks have a public notary too, you can easily make use of them. The same thing can easily be done in consultation with a lawyer.
The POA document should be written on the basis of existing will, Trust or other Power of Attorney form, Bank statements and stock/bond information, Property deeds, etc. This helps you to avoid legal problems up a great extent.
4. Send All Documents To Relevant Agencies For Authentication Once you write power of Attorney and appoint a person/multiple individuals for it, you need to get it verified by relevant agencies, such as revenue department, finance and commerce departments. The submission of documents is a subject matter of rules and regulations. It would be better for you to accomplish all these works in consultation with a specialist corporate lawyer.
5. Hand Over The POA Document To Nominee By now, you have completed all the procedures related to the creation and legalization of POA documents. Once everything is completed successfully, you should hand it over to the nominee and keep a copy for future use.
Final Words: POA is very important in business activities. By following the above-mentioned tips, you can easily assign POA to anyone who wish. It will help that person to deal with Financial matters, Property related matters, Commercial or Company matters, etc. easily and quickly.
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