General Power of Attorney (GPA)

Querist : Anonymous (Querist) 23 October 2009 This query is : Resolved

SUB : General Power of Attorney (GPA)

My wife and I are senior citizens and quite old . Each one of us own some property ( movable & immovable ) and individual bank accounts . We want that after one of us dies the survivor must be able to handle ( transfer of title in one’s own name or sell ) and get the ownership of all property ( movable & immovable ) and individual bank accounts .

Can we make General Power of Attorney (GPA) in favour of each other separately ? Is this the best option ? What are other options for easy transfer of titles after one’s death , considering minimum payment of taxes , if any ?

What will be the best procedure ? Thanks in anticipation .

PP

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Arul Kumar (Expert) 23 October 2009
You can make GPA on each other. The other best option is prepare a Will, which will lessen the complications of transfer of property in the future.