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 in Idaho is a legal document that grants someone, known as an agent or attorney-in-fact, the authority to make financial and legal decisions on behalf of another person, known as the principal. This document is enforceable under Idaho Code Section 15-12-202. Idaho General Power of Attorney gives broad powers to the appointed agent. It encompasses a wide range of decision-making abilities, allowing the agent to manage the principal's finances, sign contracts, buy or sell assets, and make legal decisions. However, it is important to note that the powers granted under a General Power of Attorney terminate if the principal becomes incapacitated or dies. There are some variations of Idaho General Power of Attorney that individuals can choose from based on their specific needs: 1. Durable General Power of Attorney: This type of power of attorney remains effective even if the principal becomes incapacitated, ensuring continued decision-making capacity. 2. Limited General Power of Attorney: With a limited power of attorney, the agent is granted specific powers and authority for a specific time period or designated purpose, such as managing a real estate transaction or handling tax matters. 3. Springing General Power of Attorney: A springing power of attorney becomes effective only when a specific event or condition occurs, typically when the principal is deemed mentally or physically incapable of making decisions. When drafting an Idaho General Power of Attorney, it is crucial to carefully choose a trusted and reliable agent. Agents should possess financial acumen and the ability to make decisions in the principal's best interest. Additionally, consulting with a legal professional is highly recommended ensuring compliance with Idaho's laws and to address any specific concerns or requirements. In conclusion, an Idaho General Power of Attorney is a robust legal document that grants significant decision-making powers to an agent. It provides a valuable mechanism for individuals to legally authorize someone else to act on their behalf, ensuring the smooth management of their finances and legal affairs.A General Power of Attorney in Idaho is a legal document that grants someone, known as an agent or attorney-in-fact, the authority to make financial and legal decisions on behalf of another person, known as the principal. This document is enforceable under Idaho Code Section 15-12-202. Idaho General Power of Attorney gives broad powers to the appointed agent. It encompasses a wide range of decision-making abilities, allowing the agent to manage the principal's finances, sign contracts, buy or sell assets, and make legal decisions. However, it is important to note that the powers granted under a General Power of Attorney terminate if the principal becomes incapacitated or dies. There are some variations of Idaho General Power of Attorney that individuals can choose from based on their specific needs: 1. Durable General Power of Attorney: This type of power of attorney remains effective even if the principal becomes incapacitated, ensuring continued decision-making capacity. 2. Limited General Power of Attorney: With a limited power of attorney, the agent is granted specific powers and authority for a specific time period or designated purpose, such as managing a real estate transaction or handling tax matters. 3. Springing General Power of Attorney: A springing power of attorney becomes effective only when a specific event or condition occurs, typically when the principal is deemed mentally or physically incapable of making decisions. When drafting an Idaho General Power of Attorney, it is crucial to carefully choose a trusted and reliable agent. Agents should possess financial acumen and the ability to make decisions in the principal's best interest. Additionally, consulting with a legal professional is highly recommended ensuring compliance with Idaho's laws and to address any specific concerns or requirements. In conclusion, an Idaho General Power of Attorney is a robust legal document that grants significant decision-making powers to an agent. It provides a valuable mechanism for individuals to legally authorize someone else to act on their behalf, ensuring the smooth management of their finances and legal affairs.
