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.
Louisiana General Power of Attorney is a legal document that grants an individual or entity the authority to act on behalf of another person, known as the principal, in various financial and legal matters. It is an effective tool used to delegate decision-making power when the principal is unable to handle their own affairs due to factors like illness, travel, or incapacity. The Louisiana General Power of Attorney document gives extensive powers to the chosen agent, allowing them to make important decisions and transactions on behalf of the principal. These powers include managing bank accounts, handling real estate transactions, buying or selling assets, executing contracts, making healthcare decisions, filing taxes, and representing the principal in legal matters. There are different types of Louisiana General Power of Attorney, each serving specific purposes. These types include: 1. Durable Power of Attorney: This type remains in effect even if the principal becomes incapacitated or mentally incompetent. It provides a seamless transition of authority to the agent without the need for court proceedings or additional documents. 2. Limited Power of Attorney: This type grants the agent specific powers for a particular purpose or within a defined timeframe. For example, the principal may authorize the agent to manage their finances while they are traveling overseas. 3. Springing Power of Attorney: This type only becomes effective upon the occurrence of a specific event or condition, as stated in the document. It is commonly used when the principal wants to ensure that the agent's authority is activated only when deemed necessary, such as when they become mentally incapacitated. 4. Non-durable Power of Attorney: Unlike the durable power of attorney, this type automatically terminates if the principal becomes incapacitated or mentally incompetent. It is typically used for short-term transactions or specific events. In Louisiana, a General Power of Attorney document must comply with the statutory requirements outlined in the Louisiana Civil Code. It must be signed by the principal, notarized, and have two witnesses present during signing to validate its authenticity. It is crucial to choose a trusted and responsible agent when granting a Louisiana General Power of Attorney as they will have significant control over the principal's affairs. Seeking professional legal advice and guidance is highly recommended ensuring compliance with state laws and to customize the document based on the individual's specific circumstances and needs.Louisiana General Power of Attorney is a legal document that grants an individual or entity the authority to act on behalf of another person, known as the principal, in various financial and legal matters. It is an effective tool used to delegate decision-making power when the principal is unable to handle their own affairs due to factors like illness, travel, or incapacity. The Louisiana General Power of Attorney document gives extensive powers to the chosen agent, allowing them to make important decisions and transactions on behalf of the principal. These powers include managing bank accounts, handling real estate transactions, buying or selling assets, executing contracts, making healthcare decisions, filing taxes, and representing the principal in legal matters. There are different types of Louisiana General Power of Attorney, each serving specific purposes. These types include: 1. Durable Power of Attorney: This type remains in effect even if the principal becomes incapacitated or mentally incompetent. It provides a seamless transition of authority to the agent without the need for court proceedings or additional documents. 2. Limited Power of Attorney: This type grants the agent specific powers for a particular purpose or within a defined timeframe. For example, the principal may authorize the agent to manage their finances while they are traveling overseas. 3. Springing Power of Attorney: This type only becomes effective upon the occurrence of a specific event or condition, as stated in the document. It is commonly used when the principal wants to ensure that the agent's authority is activated only when deemed necessary, such as when they become mentally incapacitated. 4. Non-durable Power of Attorney: Unlike the durable power of attorney, this type automatically terminates if the principal becomes incapacitated or mentally incompetent. It is typically used for short-term transactions or specific events. In Louisiana, a General Power of Attorney document must comply with the statutory requirements outlined in the Louisiana Civil Code. It must be signed by the principal, notarized, and have two witnesses present during signing to validate its authenticity. It is crucial to choose a trusted and responsible agent when granting a Louisiana General Power of Attorney as they will have significant control over the principal's affairs. Seeking professional legal advice and guidance is highly recommended ensuring compliance with state laws and to customize the document based on the individual's specific circumstances and needs.
