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Power of Attorney - General (GPA) & Special (SPA) Explained in Hindi

 

Power of Attorney: A Brief Overview The power of attorney may seem like a legal jargon that only those who are well-versed in the technicalities of the law could understand. That is usually the case if you have encountered this term for the first time. However, nothing is complex or incomprehensible about it. If not, he/she should be humble and wise enough to seek assistance from experts and professionals to make sure your finances are well managed and handled. To be able to handle and manage your finances better, your agent must always decide to keep his/her own money separate from yours. Thus, there would be no confusion. Your general options are the general and limited powers of attorney. The first type grants an attorney-in-fact an unlimited control over your finances or health care without a predetermined period. In contrast, the second type is limited to only a certain kind of financial responsibility. 3. Be wary of the risks involved in granting another person the power to manage your finances. This type of durable powers of attorney takes effect when the principal has become mentally incapacitated or has a terminal disease. It grants the agent the right to decide on what to do with the principal s remains after his or her death, as well as donate the organs for educational, scientific, or transplant purposes. Since the power of attorney would provide the agent the control over banking, credit and other financial issues, it is important to be made carefully which is why legal assistance is importance. There are two kinds of power of attorney, the specific and the general. The specific power of attorney identifies particular transaction when the document would take effect. For the durable power of attorney, you should seek guidance from your private lawyer when doing the provisions or content of the document. Is it possible to make a power of attorney if I get mentally incapacitated? It is not in any way possible to do so. As mentioned, there is a requirement by law for you to fully understand what you are getting into for the document to take full effect. 

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