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 another person's behalf in various financial, legal, and personal matters. In the context of Arkansas, a General Power of Attorney is governed by specific state laws and regulations. Arkansas General Power of Attorney provides individuals the ability to authorize another person, referred to as the "attorney-in-fact" or "agent," to make decisions and take actions in their best interests when they are unable to do so due to incapacitation, absence, or other reasons. This document gives broad powers to the chosen agent, allowing them to handle a wide range of affairs as specified in the agreement. Some key areas covered by an Arkansas General Power of Attorney may include managing bank accounts, paying bills, buying or selling property, making investment decisions, filing taxes, accessing safe deposit boxes, handling legal matters, initiating lawsuits or defending against them, managing retirement benefits, operating business matters, and making healthcare decisions. However, it is important to note that healthcare decisions usually require a separate document known as a Medical Power of Attorney or Medical Directive. Within Arkansas, there are different variations of General Power of Attorney forms that individuals can utilize depending on their specific needs. These may include: 1. Durable Power of Attorney: This type remains effective even if the principal becomes mentally or physically incapacitated. It provides the agent with broad decision-making authority and is often considered a valuable estate planning tool. 2. Limited Power of Attorney: Unlike a General Power of Attorney, the limited version grants the agent specific powers for a particular purpose or a defined period. It is commonly used for time-sensitive matters when the principal cannot be present. 3. Springing Power of Attorney: In this type, the powers granted to the agent become active only upon the occurrence of a triggering event specified in the document, such as the principal's incapacitation. 4. Non-Durable Power of Attorney: This form is effective only for a set period of time and terminates upon the principal's incapacity or revocation by the principal. When creating a General Power of Attorney in Arkansas, it is crucial to consult with an attorney familiar with state laws to ensure all legal requirements and desired powers are adequately addressed. A well-drafted General Power of Attorney helps protect the interests of the principal while establishing clear guidelines for the authorized agent to act on their behalf.A General Power of Attorney is a legal document that grants someone the authority to act on another person's behalf in various financial, legal, and personal matters. In the context of Arkansas, a General Power of Attorney is governed by specific state laws and regulations. Arkansas General Power of Attorney provides individuals the ability to authorize another person, referred to as the "attorney-in-fact" or "agent," to make decisions and take actions in their best interests when they are unable to do so due to incapacitation, absence, or other reasons. This document gives broad powers to the chosen agent, allowing them to handle a wide range of affairs as specified in the agreement. Some key areas covered by an Arkansas General Power of Attorney may include managing bank accounts, paying bills, buying or selling property, making investment decisions, filing taxes, accessing safe deposit boxes, handling legal matters, initiating lawsuits or defending against them, managing retirement benefits, operating business matters, and making healthcare decisions. However, it is important to note that healthcare decisions usually require a separate document known as a Medical Power of Attorney or Medical Directive. Within Arkansas, there are different variations of General Power of Attorney forms that individuals can utilize depending on their specific needs. These may include: 1. Durable Power of Attorney: This type remains effective even if the principal becomes mentally or physically incapacitated. It provides the agent with broad decision-making authority and is often considered a valuable estate planning tool. 2. Limited Power of Attorney: Unlike a General Power of Attorney, the limited version grants the agent specific powers for a particular purpose or a defined period. It is commonly used for time-sensitive matters when the principal cannot be present. 3. Springing Power of Attorney: In this type, the powers granted to the agent become active only upon the occurrence of a triggering event specified in the document, such as the principal's incapacitation. 4. Non-Durable Power of Attorney: This form is effective only for a set period of time and terminates upon the principal's incapacity or revocation by the principal. When creating a General Power of Attorney in Arkansas, it is crucial to consult with an attorney familiar with state laws to ensure all legal requirements and desired powers are adequately addressed. A well-drafted General Power of Attorney helps protect the interests of the principal while establishing clear guidelines for the authorized agent to act on their behalf.
