Power of Attorney, also known by its acronym, POA, is an important document that serves as an instrument, authorizing an individual to act on the behalf of another. The individual who grants the Power of Attorney is termed as the Principal or the Grantor, and the one who receives it is termed as Agent or Attorney-in-Fact. Power of Attorneys is categorized into two types.
- General Power of Attorney (GPA) – It allows a broader and a more durable authority
- Special Power of Attorney (SPA) – This type of POA is limited in duration and scope.
According to the law, both, the Grantor, as well as the Agent must be legally capacitated and must have the ability to give or execute the powers enlisted in the POA. Besides, for a POA to be a considered as valid, and enforceable, it is necessary for it to be in conformation with the necessary requisites of the law, out of which, notarization of the instrument is one and which is required after the signature of the involved parties.
At BLS, our team of legal experts helps to draft and notarize the Power of Attorney and also help with the appropriate piece of advice to both, the Grantor as well as Agent before drafting and notarizing the Power of Attorney. For more information, get in touch with BLS today.