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 Guam General Power of Attorney is a legal document that grants an individual, known as the principal, the authority to appoint another person, known as the agent or attorney-in-fact, to handle a broad range of financial and legal matters on their behalf. This power of attorney becomes effective once it is signed by the principal, and it remains valid until it is revoked or the principal becomes incapacitated. In Guam, there are two main types of General Power of Attorney: 1. Durable Power of Attorney: This type of power of attorney remains in effect even if the principal becomes mentally or physically incompetent. It provides the agent with the authority to handle the principal's financial affairs, including managing bank accounts, paying bills, handling real estate transactions, making investments, and filing taxes. The durable power of attorney is an essential tool for ensuring that an individual's financial matters are taken care of when they are unable to do so themselves. 2. Non-Durable Power of Attorney: Unlike a durable power of attorney, a non-durable power of attorney terminates upon the principal's incapacity or incompetence. It allows the agent to act on behalf of the principal temporarily and is commonly used for specific purposes or time frames. For instance, someone may grant a non-durable power of attorney to handle a single financial transaction or to represent them during a specific period when they will be unavailable. Both types of Guam General Power of Attorney can be customized to suit the specific needs of the principal. The document can include limitations, restrictions, or specific instructions the agent must follow. It is crucial for the principal to carefully choose a trustworthy and reliable agent, as they will have substantial control over their financial and legal affairs. In summary, a Guam General Power of Attorney is a legal instrument that allows individuals to designate someone else to handle their financial and legal matters. The durable and non-durable power of attorney are the two main types available in Guam, each serving different purposes. This legal tool ensures that the principal's affairs are properly managed and protected, even in their absence or incapacity.
