Agency is a relationship based on an agreement authorizing one person, the agent, to act for another, the principal. For example an agent may negotiate and make contracts with third persons on behalf of the principal. Actions of an agent can obligate the principal to third persons. Actions of an agent may also give a principal rights against third persons.
An agency can be created for the purpose of doing almost any act the principal could do. However, there are some acts that must be done in person and cannot be done by an agent. Examples would be: testifying in court for another individual, making a will, and voting.
A general agent is authorized by the principal to transact all the affairs of a particular kind of business. For example, a person appointed as manager of a store is a general agent.
A special agent is authorized by the principal to handle a particular business transaction or perform a specific act. For example, a specific power of attorney appointing an agent (attorney-in-fact) to sell a particular piece of real estate or a certain car would be the appointment of a special agent.
A universal agent is authorized by the principal to do any act that can be delegated to a representative. An example would be giving a person a general power of attorney. This form is such a general power of attorney.
A general power of attorney is a legal document that grants someone the authority to act on behalf of another person in matters related to financial and legal affairs. In Indiana, there are different types of general power of attorney that individuals can choose depending on their specific needs. One type of Indiana general power of attorney is the durable power of attorney. This type of power of attorney remains in effect even if the person granting the authority becomes mentally incapacitated or unable to make decisions. It can be a valuable tool for individuals who want to ensure their affairs are taken care of if they become unable to handle them on their own. Another type is the non-durable power of attorney, which is usually used for specific transactions or periods of time. Unlike the durable power of attorney, it becomes void if the person granting the authority becomes incapacitated. This type of power of attorney is often used for short-term matters such as a real estate closing or an upcoming surgery. Additionally, Indiana offers a statutory power of attorney, which is a standardized form provided by the state. This form covers a wide range of powers and can be tailored to fit the individual's needs and preferences. It is important to note that the powers granted under a statutory power of attorney can vary depending on the specific language used in the document. Some relevant keywords that can be used for this topic are Indiana general power of attorney, durable power of attorney, non-durable power of attorney, statutory power of attorney, legal document, financial affairs, legal affairs, mental incapacitation, decision-making, specific transactions, short-term matters, standardized form, and tailored powers.A general power of attorney is a legal document that grants someone the authority to act on behalf of another person in matters related to financial and legal affairs. In Indiana, there are different types of general power of attorney that individuals can choose depending on their specific needs. One type of Indiana general power of attorney is the durable power of attorney. This type of power of attorney remains in effect even if the person granting the authority becomes mentally incapacitated or unable to make decisions. It can be a valuable tool for individuals who want to ensure their affairs are taken care of if they become unable to handle them on their own. Another type is the non-durable power of attorney, which is usually used for specific transactions or periods of time. Unlike the durable power of attorney, it becomes void if the person granting the authority becomes incapacitated. This type of power of attorney is often used for short-term matters such as a real estate closing or an upcoming surgery. Additionally, Indiana offers a statutory power of attorney, which is a standardized form provided by the state. This form covers a wide range of powers and can be tailored to fit the individual's needs and preferences. It is important to note that the powers granted under a statutory power of attorney can vary depending on the specific language used in the document. Some relevant keywords that can be used for this topic are Indiana general power of attorney, durable power of attorney, non-durable power of attorney, statutory power of attorney, legal document, financial affairs, legal affairs, mental incapacitation, decision-making, specific transactions, short-term matters, standardized form, and tailored powers.
Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés. For your convenience, the complete English version of this form is attached below the Spanish version.
