Different Types of Power of Attorney (PoA) Available for NRIs
General Power of Attorney (GPA): This grants broad powers to the attorney, allowing them to manage diverse affairs on behalf of the NRI, including property transactions and financial matters. Whether the NRI is located in India or overseas, a general power of attorney helps facilitate essential duties and responsibilities that need to be handled on their behalf.
Specific Power of Attorney: Unlike GPA, this type restricts the agent’s authority to specific tasks, ensuring a more focused delegation of powers. It is ideal for limited and well-defined responsibilities. When an NRI needs an agent to handle just one task, such as buying property in India, a specific power of attorney may be the right choice.
Property Power of Attorney: Tailored for real estate transactions, this type authorizes the agent to handle property-related matters like buying, selling, or managing real estate on behalf of the NRI. Apower of attorney for property is often used when an NRI needs to manage or make decisions regarding property in India from abroad.
Limited Power of Attorney: Similar to Specific POA, Limited POA confines the agent’s authority but may cover a broader spectrum of tasks beyond a single, specific duty. This option is especially useful when an NRI wishes to delegate authority for specific legal and financial matters, such as managing home loans or other property transactions.
Durable Power of Attorney: This legal document allows an individual (the principal) to designate another person (the attorney-in-fact or agent) to make financial and legal decisions on their behalf, including matters related to their home loan. It remains valid for the entire lifetime unless revoked explicitly. A durable power of attorney ensures that the agent’s authority persists even if the principal becomes incapacitated, making it a key document for NRI Power of Attorney cases.
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Different Types of Power of Attorney (PoA) Available for NRIs
General Power of Attorney (GPA): This grants broad powers to the attorney, allowing them to manage diverse affairs on behalf of the NRI, including property transactions and financial matters. Whether the NRI is located in India or overseas, a general power of attorney helps facilitate essential duties and responsibilities that need to be handled on their behalf.
Specific Power of Attorney: Unlike GPA, this type restricts the agent’s authority to specific tasks, ensuring a more focused delegation of powers. It is ideal for limited and well-defined responsibilities. When an NRI needs an agent to handle just one task, such as buying property in India, a specific power of attorney may be the right choice.
Property Power of Attorney: Tailored for real estate transactions, this type authorizes the agent to handle property-related matters like buying, selling, or managing real estate on behalf of the NRI. A power of attorney for property is often used when an NRI needs to manage or make decisions regarding property in India from abroad.
Limited Power of Attorney: Similar to Specific POA, Limited POA confines the agent’s authority but may cover a broader spectrum of tasks beyond a single, specific duty. This option is especially useful when an NRI wishes to delegate authority for specific legal and financial matters, such as managing home loans or other property transactions.
Durable Power of Attorney: This legal document allows an individual (the principal) to designate another person (the attorney-in-fact or agent) to make financial and legal decisions on their behalf, including matters related to their home loan. It remains valid for the entire lifetime unless revoked explicitly. A durable power of attorney ensures that the agent’s authority persists even if the principal becomes incapacitated, making it a key document for NRI Power of Attorney cases.
Also Read: Advantages involved in executing a Power of Attorney.