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Friday, 28 August 2015

What is power of attorney?

Consider a scenario wherein you are on an assignment abroad and you want to sell your property in India without coming to India. Is it possible? No you can not sell your property without coming to India. You will have to be present to sign the documents to close the deal.

So is there any other way to fix above problem? Yes - You can ask someone close to you to carry out the deal on your behalf. That's when power of attorney comes into picture. Power of attorney is the legal document giving the attorney (person close to you..Usually blood relative) full rights to execute the financial transactions on your behalf.

This is very useful concept especially for people living abroad. It saves a lot of money and time.

What do you think on this topic? Please express your opinion or ask any question through comment below. You can write to me at reply2sagar@gmail.com

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