NRI Power of Attorney GPA versus SPA | GPA and SPA Differences | Types of Power of Attorney

Описание: Learn about the differences between a General Power of Attorney and a Special Power of Attorney? Then watch this full video.

Making an 'Indian Power of Attorney' or an 'NRI Power of Attorney' can be a confusing process especially if you are residing outside of India. Without the proper knowledge and guidance, you may end up wasting your time. In this post, we will explore some of the important differences between a General Power of Attorney and a Special Power of Attorney. Before we explain the difference, it’s important to first cover what an NRI Power of Attorney is. A Power of Attorney is a legal document that authorizes another person known as an attorney or agent to act on behalf of the person who created the power of attorney, known as the principal or executor. In the event that the principal is unable to make a decision for himself or herself. It’s important to note that a power of attorney can be used in non-estate planning instances.

We will now look at some key differences between a GPA and an SPA. A GPA is not specific in nature and the agent would have the authority to make general decisions concerning an array of legal, medical, financial and business situations, for example, all decisions relating to the management of a property that includes paying for upkeep, taxes, maintenance, letting out the property, etc. Whereas, with a SPA, an attorney is usually empowered to carry out a specific task related to a defined area, such as carrying out specific tasks relating to the selling of a particular property.

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Timestamp

‣ 00:00 :- Introduction
‣ 00:45 :- Restricted Powers
‣ 01:12 :- General Powers
‣ 01:31 :- More than one SPA
‣ 01:43 :- Expiration or cancellation
‣ 02:15 :- Risk

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If you want to know more about GPA's and SPA's then do watch this full video.