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For e.g., if you are an NRI and considering making a PoA for managing rentals for your property and operating your bank accounts, ensure that you restrict your attorney from buying/selling your property and opening or closing bank accounts.Īlso read: How to bequeath your digital assetsĭefine validity: Generally, all PoAs remain valid unless specially revoked or till the life-time of the principal. It is highly advisable to define the purpose, limit the scope of work and restrict the rights of your attorney.
As far as possible, consider making a Special PoA over a General PoA. Restrict attorney’s power: While making your PoA, avoid granting open-ended and sweeping powers to your attorney. But at times, for avoiding conflicts within the family and keeping in mind the complexity of the work, a trusted friend or a professional could also be considered for being appointed as an attorney. A close family member such as spouse or children are generally the preferred choice. Apart from being trustworthy, your attorney should be capable and willing to take on the responsibility. Here are some of the precautions one should take.Īppointing the right attorney: One of the most critical aspects of preparing a PoA is selecting the right attorney. Hence it is very important to be careful while making your PoA.
While PoA is a convenient way of managing the affairs when someone is physically not available to complete a transaction, at times the risks associated with the conduct of the appointed attorney may outweigh the advantages. Precautions to be taken while making a PoA Unlocking opportunities in Metal and Mining.Interview Series Business In The Week Ahead.
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