Avail the expertise of NRI Power ofAttorney Lawyers
In an ideal situation, all of us would like to take charge of the important decisions regarding our life, be it finances, healthcare or other matters. But life is not an ideal situation and it does throw some unpredictable situations at us, at times disabling us of the charge. But with the Power of attorney in place, you can make sure that the decisions are taken according to your wishes.
Power of Attorney is a legal document by which the principal (the individual whose assets and finances are to be managed) gives an individual or a trustee organisation rights to make a decision on his/her behalf during his/her lifetime. NRI Power of Attorney lawyers are designated professionals who deal with the Power of Attorney for NRI’s. NRI Power of Attorney lawyers can act both as attorney-in-law and attorney-in-fact, if the principal so wishes.
Power of Attorney can be granted for various reasons, and are revocable, provided the principal is not incapacitated, at any point of time. The reasons include:
For specific period – The principal is traveling overseas or shifting overseas for business or family reasons and want to give his trusted aid or his attorney financial rights to carry out the usual course of business.
For current illness – The principal is ill and not able to carry out his professional duties, and thus appoints someone to take care of his financial matters during his illness. Appointing the Power of Attorney doesn’t absolve the principal of his rights.
For precautionary reasons – We all know life is unpredictable, but some people pay more heed to this unpredictable nature of life than others. To secure their assets and financial matters, in case of their incapacity, they prefer appointing an attorney, who will take care of the matters in case the unexpected happens.
For legal purposes – People, often appoints attorney-in-law, to represent them in the court of law during pleading or defending a case, especially the NRI’s. The attorney is allowed to take the steps necessary to win the litigation. These are usually the expert NRI Power of Attorney lawyers. The Power of Attorney, in legal cases, automatically ceases to exist once the concerned litigation process is complete. In legal cases, NRI Power of Attorney lawyers, try to subserve the case via arbitration and other reconciliation means too.
The agent appointed in the first three scenarios is called attorney-in-fact. Although having an attorney-in-fact is not mandatory, it is advisable to have one, in case of an unexpected event. NRI Power of Attorney lawyers are the expert legal professional with vast experience. These NRI Power of Attorney lawyers who will help you draft your Power of Attorney, according to your wishes but at the same time seeking to keep you from any fraud and financial misappropriation.
Power of Attorney’s can be of different type, depending on the rights transferred to the attorney-in-fact or attorney-in-law, listed as below:
Limited Power of Attorney – Limited Power of Attorney is for a fixed duration of time, with the date of commencement and termination of the agreement mentioned in the document. In case of principal’s incapacitation, Limited Power of Attorney, ceases to exist, unless otherwise mentioned. And are revocable at any given time, even before the date of termination, if the principal is in capacity to do so.
It holds prime importance in case of NRI’s, to circumvent illegal possession or fraud when they are away. The NRI Power of Attorney lawyers will help you draft an attorney document, specific to your requirements and to prevent any misuse. In case, any misappropriation does take place, our team of NRI Power of Attorney lawyers will guide you through the protective measures against the guilty, be it arbitration or litigation.
Durable Power of Attorney – Durable Power of Attorney, means that the agreement will be in force with the agent will retain the transferred rights, even if the principal is incapacitated. It is the most common type of attorney agreement. Durable Power of Attorney comes into force as soon as the agreement is signed.
A lot of NRI’s opt for durable Power of Attorney to manage the regular functions of their property back home. Since it is a big step for your future, it is paramount to avail the services of an expert NRI Power of Attorney lawyer, to draft an agreement which is legally foolproof. Our panel of NRI Power of Attorney lawyers have the expertise and experience that will aid you frame an agreement that is financially and legally sound.
Springing Power of Attorney – It is another form of durable Power of Attorney, that comes into force after the principal has become incapacitated. Thus, unlike simple durable Power of Attorney that goes into effect with the signing of the agreement, springing Power of Attorney springs into effect, after the incapacitation of the principal. It is favoured by the people who are not comfortable letting other take decision on their behalf while they are in the position to carry out their duties and exert their rights. While springing Power of Attorney does put a restraint on the possibility of fraudulent activities on part of the attorney, they do tend to create confusion while deciding on the principal’s ability to carry out the functions.
Since it is an agreement drafted well in advance, one can get modifications done according to changing circumstances over the time. Here also, it is advantageous to bring on board NRI Power of Attorney lawyers to help you sail through the whole process smoothly. These NRI Power of Attorney lawyers will also, from time to time, make you aware of the changing legal or financial situation that you might want to consider.
In case of death, the Power of Attorney agreements terminates, and the baton is passed on the legal heirs mentioned in the will or as per the law of the land.
At Lexlords Property Management Services, we have an experienced team of NRI Power of Attorney lawyers. Our NRI Power of Attorney lawyers are reputed for their efficiency and knowledge. The NRI Power of Attorney lawyers are aware of the complications of the matters related with NRI property and are adept in dealing them.