Multiple poa

As per your query it is understood that you need information regarding the power of attorney.

It is given by signing the paper by the grantor stating that the authority for the prescribed property is given to the agent on behalf of the grantor and the agent will have the same power as the grantor has regarding the property.

A POA may be discharged by two or more persons jointly in support of one or more persons. A clause should also be included in the legal document of the power of attorney that all the attorneys should act separately or jointly.

While the POA is a very useful instrument on the one hand but on the other hand, there are some consequences of giving power of attorney to your agent or the person known to you.

He/She can change their mind after getting POA and start acting in a manner which can be harmful to your property.

For example, your agent may do your banking work if it is authorized by you and can also do fraud with you by taking out money from the bank or can buy property by taking a loan from that bank.

You have no direct control over the agent whom you have granted the POA. The agent has to follow your direction to perform work and has to act accordingly. He/She can also misuse the authority or may even commit fraud. The power of attorney is used by the agent on your behalf, so you don’t have any immediate control over him/her.

For example, you ask your agent to withdraw money from the bank. He/she can withdraw extra money from your bank account or even can withdraw money at any time without your permission as they have the POA. In such case, the bank cannot be held responsible for any transaction done by the agent with or without your permission as the POA is given to him/her for that particular purpose.

After power of attorney is made in the favor of the family members they may change their mind and starts betraying the principal.

If the powers conferred upon the agent are too general, he/she may even start abusing it. It is risky to execute multiple POA.

Hope it helps!

Regards,

Anusha Singh