Power of attorney giver to relinquish its own power
Rahul D
(Querist) 08 January 2012
This query is : Resolved
Hi,
Happy New Year to all. My client has the following situation at hand:
"Person A gives general power of attorney (all rights relating to property, investments, etc) to person B. At the same time person A (the power giver) should relinquish all such powers mentioned in the power of attorney i.e. after giving the power of attorney to B, A cannot take actions mentioned in the power of attorney, only B can do such activities."
Is the above possible in any way? Thanks.
ajay sethi
(Expert) 08 January 2012
you are talking about an irrevocable power of attorney . Except in cases where power of attorney is coupled with interest, it is revocable.
Sailesh Kumar Shah
(Expert) 08 January 2012
No, even after execution poa, principal have power to do such.
Raj Kumar Makkad
(Expert) 08 January 2012
Testator is free to cancel his own irrevocable POA on the basis of some valid reasons and reasons is easy to produce/prepared. In nutshell, testator is not bound permanently for his POA.
Shonee Kapoor
(Expert) 08 January 2012
Nothing more to add.
Regards,
Shonee Kapoor
harassed.by.498a@gmail.com
Rahul D
(Querist) 09 January 2012
Thanks everyone. I think I was not able to clear my question. The executor/principal/testator will not have any powers after giving a POA to some other person.
Due to some family matter, the principal cannot transfer his name in property, investments to the other person. So after the entire power transfer to the POA receiver, the principal's powers on the property, investments need to be barred.
How to achieve this arrangement in POA or some other instrument or is it impossible? Thanks.
R.Ramachandran
(Expert) 09 January 2012
Dear Mr.Rahul,
The situation described by you is completely fits with the saying "trying to eat the cake and have it too".
If one has relinquished the interests in the property in favour of somebody, then there is no need at all for giving any POA to anybody to deal with the property. Therefore, the sensible thing to do is to cancel the POA (if already given). Otherwise, the person who has given the POA and also relinquished his interests in the property will come to grief sooner than later.
prabhakar singh
(Expert) 09 January 2012
I agree with appropriate comment of Mr.Ramachandran.
V R SHROFF
(Expert) 09 January 2012
Whatever the attorney had acted till date is binding on you,
You can cancell POA from prospective effect, after due notice to him and to Public by publishing in news paper.
Attorney cannot derive right above his own.
Executor himself can always continue in Power till his death, and on death, Power given immediately becomes null and void.
