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.
Delaware General Power of Attorney is a legal document that grants a person, referred to as the "agent" or "attorney-in-fact," the authority to act on behalf of another individual, known as the "principal." This authority encompasses making legal, financial, and personal decisions on behalf of the principal, allowing the agent to handle various affairs when the principal is unable or unavailable to do so themselves. In Delaware, there are different types of General Power of Attorney, each serving specific purposes depending on the principal's needs and circumstances: 1. Durable Power of Attorney: A durable power of attorney remains effective even if the principal becomes incapacitated or mentally incompetent, ensuring that the agent can continue acting on their behalf during such situations. 2. Limited Power of Attorney: This type of power of attorney grants the agent the authority to handle specific tasks or make decisions for a defined period. For instance, the principal could grant a limited power of attorney to sell a property on their behalf while they are out of the country. 3. Springing Power of Attorney: A springing power of attorney becomes effective only when a specified event or condition occurs, as predetermined by the principal. For instance, a principal may set the power of attorney to "spring" into action if they become mentally incapacitated. 4. Financial Power of Attorney: This type of power of attorney specifically focuses on managing the principal's financial affairs. The agent can handle tasks like managing bank accounts, paying bills, filing taxes, and managing investments. 5. Medical Power of Attorney: A medical power of attorney gives the agent the authority to make healthcare decisions on the principal's behalf when they are unable to do so themselves. This includes choosing medical treatments, consenting to surgeries, and deciding on life support options. 6. General Power of Attorney: Often used for broad and comprehensive authority, a general power of attorney allows the agent to handle a wide range of legal, financial, and personal matters on behalf of the principal. The agent can manage finances, sign checks, make legal contracts, buy and sell properties, and manage other general affairs. Having a Delaware General Power of Attorney ensures that a trusted individual can act as a designated agent, safeguarding the principal's interests and ensuring continuity in managing important matters. However, it is crucial to consult with an experienced attorney to ensure the power of attorney document is drafted correctly and tailored to the principal's specific requirements.Delaware General Power of Attorney is a legal document that grants a person, referred to as the "agent" or "attorney-in-fact," the authority to act on behalf of another individual, known as the "principal." This authority encompasses making legal, financial, and personal decisions on behalf of the principal, allowing the agent to handle various affairs when the principal is unable or unavailable to do so themselves. In Delaware, there are different types of General Power of Attorney, each serving specific purposes depending on the principal's needs and circumstances: 1. Durable Power of Attorney: A durable power of attorney remains effective even if the principal becomes incapacitated or mentally incompetent, ensuring that the agent can continue acting on their behalf during such situations. 2. Limited Power of Attorney: This type of power of attorney grants the agent the authority to handle specific tasks or make decisions for a defined period. For instance, the principal could grant a limited power of attorney to sell a property on their behalf while they are out of the country. 3. Springing Power of Attorney: A springing power of attorney becomes effective only when a specified event or condition occurs, as predetermined by the principal. For instance, a principal may set the power of attorney to "spring" into action if they become mentally incapacitated. 4. Financial Power of Attorney: This type of power of attorney specifically focuses on managing the principal's financial affairs. The agent can handle tasks like managing bank accounts, paying bills, filing taxes, and managing investments. 5. Medical Power of Attorney: A medical power of attorney gives the agent the authority to make healthcare decisions on the principal's behalf when they are unable to do so themselves. This includes choosing medical treatments, consenting to surgeries, and deciding on life support options. 6. General Power of Attorney: Often used for broad and comprehensive authority, a general power of attorney allows the agent to handle a wide range of legal, financial, and personal matters on behalf of the principal. The agent can manage finances, sign checks, make legal contracts, buy and sell properties, and manage other general affairs. Having a Delaware General Power of Attorney ensures that a trusted individual can act as a designated agent, safeguarding the principal's interests and ensuring continuity in managing important matters. However, it is crucial to consult with an experienced attorney to ensure the power of attorney document is drafted correctly and tailored to the principal's specific requirements.
