Irrevocable Power of Attorney Sample for NRI

Irrevocable Power of Attorney
A power of attorney is a legal instrument that you sign allowing someone else to act on your behalf in certain situations. The majority of powers of attorney are limited in the circumstances in which they are invoked. A person who holds a power of attorney has the authority to act on behalf of the person who drafted the instrument and exercise any of the rights outlined in the document.
A Power Of Attorney gives your Attorney the authority to manage your affairs for a set length of time or on an ongoing basis. It's a good idea to appoint someone to look after your property and finances before you get sick or have an accident.
A power of attorney is a legal agreement in which you, the principle, appoint someone you trust to handle your financial and property issues on your behalf. A power of attorney can be made revocable or irrevocable, for example. You can rescind the rights provided to the agent at any time with a revocable power of attorney; by making the power of attorney irrevocable, you are giving up your authority to renounce those powers.
What is Irrevocable Power of Attorney?
If the principal reserves the right to revoke the authority at any moment, the power of attorney is revocable. The agent can no longer act on behalf of the principal once the principal has revoked the power. A power of attorney, on the other hand, can be declared irrevocable if the instrument contains a provision that expressly specifies that the principal waives his or her right to revoke the power or otherwise indicates that the authority is irrevocable.
An irrevocable power of attorney is rarely utilised in practise, and it is usually confined to a single purpose. A power of attorney that cannot be revoked is known as an irrevocable power of attorney. An irrevocable power of attorney must be accompanied by an enforceable beneficial interest in the subject matter, or the power must be given as security for the payment of a sum of money other than that which arises as compensation from the exercise of the power, or as security for the performance of some act of value.

0:00 Introduction
2:38 Circumstances involving Irrevocable POA
4:00 Procedure of creating the sample
7:07 How to revoke the POA