When is power of attorney revocable

Is it possible for me to create a financial power of attorney PoA to give my family members access to my assets such as bank accounts, demat accounts and fixed deposits, if I become incapacitated? How do I create one and is it the same as a general PoA? Is it required to be registered with any authority? PoA is a legal document as per the provisions of the Power of Attorney Act of , under which you can appoint another person as your agent or attorney to act on your behalf.

It is possible to issue a PoA with all general or special powers or specific powers to your named attorney for carrying out the work on your behalf as enumerated in the PoA, which may relate to operating bank accounts, investments in specific demat accounts, collecting rent or generally attending to the work which you were doing.

The PoA may be made for a limited or indefinite period of time. However, due to the risks involved in case of misuse of the POA, it is normally executed very sparingly. PoA is generally revocable. If executed in India, it will require to be executed on a non-judicial stamp paper and notarized, and in a format which is generally acceptable.

My wife acquired some properties by way of partition in and the properties were mutated to her name and remained in her name till her death in Her brother and sister sold their shares in after the partition. However, after my wife passed away, I met with a serious accident and was in trauma due to the disability it caused me.

Reasonability of the notice differs from case to case, depending upon the clauses of the deed. A Power of Attorney may be registered or unregistered. The procedure for revocation of both of them are different, as discussed below:. An unregistered Power of Attorney can only be revoked by an unregistered instrument of revocation.

Apart from that it is required to issue a public notice regarding such revocation through local newspapers, without which, the revocation shall stand void. If the Power of Attorney is executed jointly by several people, it is not valid for one of the principals to effectuate the revocation of the agent without the consent of the others.

However, if the joint execution is executed severally, revocation by one of the principals of the agent is valid. In a case where the Power of Attorney is executed in favour of one or more people jointly but one of the agents die, the remaining agents cannot exercise the Power of Attorney. However, if such execution is jointly and severally, the remaining agents can validly exercise the authority granted to them by the Power of Attorney. If a firm gives Power of Attorney to an agent, such power of attorney gets revoked automatically upon dissolution of the firm.

It is possible that the agent to whom power of attorney is given, uses such authorization to commit fraud or misrepresentation. The principal is not liable for any act by the agent which exceeds the authority granted to him. However, if the acts done by the agent are not in good faith and are not lawful, the principal is not liable to indemnify him.

In fact, if the acts of the agent are criminal, and the principal has agreed to indemnify him, such indemnification is not valid. As much important the concept of Power of Attorney is to facilitate the principal to carry on his work even without actually being present at the place where such work is to be done, so is the right of the principal to revoke it to avoid any harm to his interest by the agent.

While in most of the cases revocation is possible, there are some exceptions to it. LawSikho has created a telegram group for exchanging legal knowledge, referrals and various opportunities. You can click on this link and join:. Save my name, email, and website in this browser for the next time I comment. Typically, a principal grants an irrevocable power of attorney during his or her life. These don't usually extend beyond the death or incapacity of the principal.

However, the document can include a sunset provision. This ends the agent's authority at a particular time or after a specific event. If the principal becomes insolvent, disabled, or dies, the irrevocable power of attorney ends. Furthermore, a power of attorney ends if the agent dies, becomes incapacitated, or files bankruptcy, unless the principal provides otherwise within the document. Generally, neither the principal nor the agent can cancel an irrevocable power of attorney. However, in rare circumstances, the document can be voided if the principal proves that the agent is not acting in their best interest.

Even if the principal establishes a failure to act, they need to go to court to void the agreement. Although a principal can use irrevocable powers of attorney in certain business transactions, this use is rare.

Before implementing an irrevocable power of attorney, you may have questions about your state's requirements. You should consult with an attorney or use an online service provider to answer any questions you may have.

By receiving additional guidance, you can assign decision-making powers with confidence, knowing you sought sound legal advice before proceeding. This portion of the site is for informational purposes only. The content is not legal advice.