A power of attorney (POA) is a legal document that appoints a specific person to act on behalf of another. A POA thereby grants the agent or attorney-in-fact the power to act in the principal's place. The principal's property, finances, investments, and medical care may be subject to the agent's decision-making, which may be given broad or limited discretion.
For certain subjects, the agent has the same legal power that the principal would have if acting directly. This power can take many different forms, from complete legal control to simple guidance.
A power of attorney (POA) may be exactly what you need if you want someone else to make decisions for you if you ever lose your capacity.
An official instrument known as a power of attorney enables one individual to act on behalf of another.
While the principle is the object of the POA, the agent or attorney-in-fact is the one who receives the authority.
The agent's legal ability to make choices regarding the principal's possessions, income, or medical care may be extensive or restricted.
When the principal cannot be present to sign the required legal paperwork for a financial transaction, the POA is frequently used.
In the event that the principle becomes ill or disabled and is unable to act directly, a durable power of attorney nevertheless holds true.
Two original copies of Power of Attorney (drafted by a registered Nepalese legal practitioner and signed by him/her with full name and registration number, printed on Nepali paper)
Original application (drafted by a registered Nepalese legal practitioner and duly signed by him/her with full name and registration number, printed on Nepali paper)
Citizenship certificate (original and photocopy) (national ID for foreigners)
Passport (original and copy)
A copy of the attorney’s citizenship certificate attested by a Nepalese notary public.
No, but it is recommended that you carefully consider who will serve as your power of attorney and how long they will need this authority before granting it.
The following are examples for general and special power of attorney, respectively: "This Power of Attorney grants my agent broad authority over most business and financial dealings on my behalf. All powers not granted by this document are reserved for me." "This Power of Attorney authorizes my agent to purchase stock on my behalf from Company A over the course of 30 days only. No other actions are authorized."
The grantor (client) does not need any witnesses at the time he/she signs the document granting power of attorney. The agent does need to have two witnesses present when he/she signs the document, especially if the instrument is being used for banking purposes. Finally, the notary public who administers an oath to the grantor also needs two witnesses present at the time he/she takes his/her oath.
There are three types that can be used, each granting authority over a different area: (1) general; (2) limited; and (3) durable. The first one gives your agent broad authority, while limited grants less power. A durable power of attorney remains in effect even if you become incompetent or disabled. This is important to note, as it can take effect before you are incapacitated.
The person granting power of attorney must be competent (mentally capable) at the time he/she signs. This document is binding even if signed when someone does not have full mental capacity; however, there could later be questions about its use. Powers of attorney do not need to be filed with any government agency, but most attorneys recommend keeping them in a safe place just in case they are needed.
Power of attorney can be terminated if you expressly revoke it. It may also have a set termination date or duration of time for which it is in force. If you become mentally incapacitated it will also cease unless it is a durable power of attorney. If you die, all powers of attorney cease.
You can technically name anybody to have POA, so long as it is done under your free will and you are mentally competent.1 It should be somebody trustworthy and capable, such as a spouse, close family member, or friend. You may also designate your lawyer to have a POA.
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