A Power of attorney is a legal document signed between a principal and agent. The power of attorney is signed to give special powers to the agent to make decisions on property matters on behalf of the principal in his/her absence or in the event where the principal is unable to make a decision. Principal is the one who gives the power to the agent to make decisions. Whereas an agent is the chosen party who can make decisions as per the clauses of PoA. I hope this narrowly clarifies what is power of attorney for property.
Let us have a look at the information included in the power of attorney for property.
Usually, POA holds information about assets and property held by the principal. This can include:
Immovable property
Bank accounts
Stocks
Now that we know power of attorney for property meaning, here are a few instances when an agent can execute the power of attorney.
When the principal lives abroad
When the principal is Is ill or bedridden
When the principal is a senior citizen with serious health concerns
To make power of attorney, the principal has to either hire a lawyer or he/she can draft the PoA themselves and get it notarized to avoid any conflicts.
Learn how to make power of attorney If you wish to know how to cancel power of attorney, click here.Your Feedback Matters! How was this Answer?
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Authors Of The Question
What is power of attorney for property?
Nakul Sachdev
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1 Answers
3 Year
2021-06-08T12:02:28+00:00 2021-06-09T14:25:00+00:00Comment
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