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.
Maryland General Power of Attorney is a legal document that grants an individual, known as the agent or attorney-in-fact, the authority to make various decisions and act on behalf of another person, referred to as the principal. This document is designed to provide the agent with broad powers to handle the principal's financial and legal affairs, offering flexibility and convenience. The Maryland General Power of Attorney covers a wide range of matters, including but not limited to: managing bank accounts, handling business transactions, buying or selling property, making investment decisions, filing taxes, and accessing and managing digital assets. The agent has the authority to act on behalf of the principal in any legal and financial matters specified in the document. It's essential to note that there are different types of Maryland General Power of Attorney, each with its specific characteristics and limitations. They include: 1. Durable Power of Attorney: This type of document remains in effect even if the principal becomes mentally incapacitated or unable to make decisions. It grants the agent the authority to make decisions on behalf of the principal until revoked or upon the principal's death. 2. Limited Power of Attorney: Unlike the general power of attorney, the limited power of attorney grants the agent limited powers for a specific purpose or particular period. For example, a principal may grant a limited power of attorney to handle a single real estate transaction while they are out of the country. 3. Springing Power of Attorney: This form of power of attorney becomes effective only when a specified event or condition occurs. It might require a medical professional's certification of the principal's incapacity before activating the agent's powers. This type ensures that the agent's authority is only invoked when necessary. 4. Non-durable Power of Attorney: In contrast to the durable power of attorney, the non-durable power of attorney terminates automatically if the principal becomes incapacitated or unable to make decisions. It is typically used for one-time transactions or specific situations where the principal needs temporary assistance. Maryland General Power of Attorney documents must comply with the state's laws and regulations, outlining the powers and limitations granted to the agent. It is crucial to consult an attorney to ensure the document is properly drafted and executed to meet the principal's specific needs and circumstances. A Maryland General Power of Attorney empowers individuals to appoint a trustworthy agent to act on their behalf, safeguarding their financial interests and ensuring their affairs are handled effectively even in their absence or incapacity. The different types of power of attorney provide flexibility for individuals to tailor the document to align with their unique requirements.
