OCI (Overseas Citizen of India)
The full form of POA is Power of Attorney, which is a type of legal authorization that gives the authority to the agent to act on behalf of the principal individual. In simple words, we can say that a power of attorney is a legal document that gives the power to one person to act on behalf of another person. The attorney-in-fact can be given broad or limited legal authority to make the decisions about the finances, investments, and medical care of the principal's property. This legal document must be signed by both parties, and there should be a third party to witness the event.
Most of the POA documents give the authority to an agent to represent the principal in all financial and property matters unless the principal has a good mental state. These types of POA become automatically ineligible when the principal is not able to make the decisions. The durable power of attorney is a special type of POA that is used in the event of a principal's temporary illness or permanent disability, or when they are unable to sign important documents. There could be several reasons why a power of attorney could end, such as when a court invalidates it, if the principal ends the agreement or dies, or if the agent is not able to fulfill the responsibilities mentioned in the agreement.
The POA is mainly divided into two types of Power of Attorney:
1. Financial Power of Attorney: It allows the agent to make financial decisions on behalf of the principal, such as filing tax returns, signing checks, managing investment accounts, etc. A financial POA can give the power to the agent over the principal's bank account.
The financial POA is further divided into several categories:
2. Health Care Power of Attorney: This POA comes into action when the principal is no longer able to make health-related decisions on their own. A durable HCPOA is signed by the principal to give the authority to the agent.
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