General Power of Attorney (GPA)
PP
(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 .
Guest
(Expert) 23 October 2009
NANDKUMAR B.SAWANT.M.COM.LL.B.(MUMBAI),ADVOCATE
MOBILE.09325226691, 09271971251
e.mail.adv.nbsawant@yahoo.co.in
e.mail.nandkumarbs@sify.com
REGARDING THE MOVABLE AND IMMOVABLE PROPERTY KINDLY NOTE THAT
1.YOU HAVE A VERY GOOD QUESTION KINDLY NOTE THAT MOVABLE PROPERTY YOU BOTH CAN MAKE WILLS AND GET THE SAME DULY REGISTERED/NOTARISED SO THAT THE PROPERTY CAN BE EASILY TRANSFERRED ON THE NAME OF SURVIVOR.IT WILL INVOLVE MINIMUM COST AND REQUIRE THREE WITNESSES ONE SHOULD BE DOCTOR EXAMINING THE HEALTH OF PERSON MAKING WILL.IT SHOULD BE REGISTERED OR NOTORISED. NOTARY CHARGES WILL BE LESS AS COMPARED TO REGISTRATION WHICH IS NOT COMPULSORY FOR WILL.BUT FOR PROVING THE SAME IN COURT IT IS USEFUL.
2.OTHER OPTION YOU HAVE IS VERY SIMPLE IN CASE BOTH ARE AGREEING JUST FILL UP THE FORM AND CHANGE THE STATUS FROM INDIVIDUAL TO EITHER OR SURVIVOR BASIS AND YOUR PURPOSE WILL BE SERVED.THIS IS POSSIBLE IN CASE OF BANK ACCOUNTS AND OTHER INVESTMENTS.
3.YOU MAY JUST FILL UP NOMINATION FORM AT BANK AND OTHER INVESTMENTS MADE AND NAME THE PERSON YOU WISH AS YOUR NOMINEE FOR THE SAME. THIS IS THE BEST AND LESS EXPENSIVE METHOD.
4.KINDLY NOTE THAT GENERAL POWER OF ATTORNEY IS ALSO ANOTHER OPTION BUT IT WILL INVOLVE REGISTRATION AND HEAVY STAMP WILL BE REQUIRED TO BE PAID ON THE SAME.WHICH CAN BE AVOIDED BY APPLYING OPTIONS AT SR.NO 1 TO 3 ABOVE MENTIONED.
KINDLY TAKE URGENT DECISION TO AVOID UNNECESSARY HARASSMENT AND DELAY IN GETING OWN AMOUNT DUE TO UNNECESSARY COURT MATTERS FOR SUCCESSION CERTIFICATES WHICH IS NOT THAT EASY AND UNKNOWN PERSONS MAY CROP UP TO CLAIM THE PROPERTY PLEASE NOTE.
YOU MAY WRITE OR SEND DETAILS OR PLEASE CALL WILL DEFINETELY HELP YOU
MAY GOD BLESS YOU YOUR FAMILY AND FRIENDS.
WITH BEST REGARDS
THANKING YOU
YOURS SINCERELY
NANDKUMAR B.SAWANT.M.COM.LL.B.(MUMBAI),ADVOCATE.
PP
(Querist) 23 October 2009
Your advice is quite valuable . Thanks a lot .
Sachin Bhatia
(Expert) 23 October 2009
Good advise give by Mr.NANDKUMAR
PP
(Querist) 23 October 2009
Dear Mr Sawant
Thanks for your reply . Please advise if the Notarised GPA is legal & proper document or not ? Can the Registration cost ( which is quite high ) for the GPA be avoided without losing any legal value ? Thanks in anticipation .
Raj Kumar Makkad
(Expert) 23 October 2009
Mr. Sawant! I am disagree on one point with Nand Kumar. GPA is valid only upto the date date of death or revokation, whichever is earlier. In case of death, it automatically goes and has no legal sanctity at all. GPA on behalf of dead person cannot be used so GPA is not a proper document in your case. Except this document, follow all options as suggested by Nand Kumar. Leave your idea of GPA.
PP
(Querist) 23 October 2009
Mr Raj Kumar ! Thanks a lot .
G. ARAVINTHAN
(Expert) 23 October 2009
this draft contains all the points for a general POA
PP
(Querist) 24 October 2009
Firstly I thank you all for your replies . In the present case , regarding making a will , division of property is not important but the transfer of property ( movable & immovable ) is important as the beneficiaries have become citizens of other countries . Can they get the assets transferred in their respective names in India , sell and then transfer the proceeds to their country of residence legally ? What will be the procedure , considering minimum payment of taxes , if any in India ?
Thanks in anticipation .
