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 New York General Power of Attorney is a legal document that grants an individual, referred to as the agent or attorney-in-fact, the authority to act on behalf of another person, known as the principal. This power of attorney provides a broad spectrum of powers to the agent, allowing them to make decisions, manage assets, and handle various financial and legal matters on behalf of the principal. In New York, there are different types of General Power of Attorney documents, each serving a particular purpose and addressing specific needs: 1. Durable Power of Attorney: This type of power of attorney remains effective even if the principal becomes incapacitated or mentally incompetent. It provides the agent with the authority to act on behalf of the principal even in situations where the principal is unable to make decisions for themselves. 2. Statutory Short Form Power of Attorney: New York has a standardized form that individuals can use to create a General Power of Attorney. This form is provided under New York General Obligations Law Section 5-1501B and offers a comprehensive list of powers that the principal can grant to the agent. 3. Springing Power of Attorney: Unlike the durable power of attorney, this type becomes effective only when a specific event or condition occurs, as specified in the document. It allows the principal to have more control over when the agent's powers are activated. 4. Limited Power of Attorney: This form grants the agent authority to act on specific matters or within a defined scope of powers, rather than having broad general authority. It can be beneficial when the principal wants the agent to handle only certain financial or legal matters. 5. Medical Power of Attorney: Although not specifically labeled as a General Power of Attorney, New York also recognizes medical or healthcare powers of attorney. This legal document grants the agent the authority to make medical decisions and provide informed consent on behalf of the principal, especially in situations where the principal is incapacitated or unable to communicate their wishes. Creating a New York General Power of Attorney is an important decision that requires careful consideration and legal advice. It is advisable to consult an attorney to understand the specific laws and requirements in New York and to ensure that the document addresses the principal's desires and needs adequately.
