A Power of Attorney is a legal document by which one person gives the right to perform or powers of transacting in matters relating to property, banking, legal and judicial proceedings, tax payments, etc, to another person due to certain reasons like being out of country, or getting old, or not able to look after one’s duties in those matters etc. Obtaining Power of Attorney is an authority given by a written formal instrument whereby one person termed the donor or principal authorizes another person termed the donee, attorney or agent to act on his behalf.
Principal/Grantor/Donor – The person who grants the power to the other person to act on his behalf is termed the grantor or principal or donor.
Attorney/Agent/Donee- The person to whom the power is granted is termed the Attorney or agent or donee.
Power of Attorney can be of mainly two types:
1. General Power of Attorney
Either we can give a GPA for all our properties, banking transactions, tax matters, registration, legal disputes and court matters etc. Or we can give a general power to any one category like only for all property matters or only for all Banking processes etc. This type of Power is very wide and has lot of risk if the Attorney is not a trustworthy person.
2. Special Power Of Attorney The other type of Power granted is the Special power which means it is granted for only a specific task or work. A Special power of Attorney by Wills Perth is to be made by a person when any particular or specific task or act is to be done. Once the particular act is completed the Special power of Attorney comes to an end.