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.
Maine General Power of Attorney is a legal document that grants an individual, also known as the "agent" or "attorney-in-fact," the authority to act on behalf of another person, referred to as the "principal." This authority includes making financial, legal, and medical decisions on behalf of the principal. The agent's responsibility under a General Power of Attorney is to act in the best interest of the principal, following their wishes and instructions. There are different types of Maine General Power of Attorney, each designed to cater to specific needs and circumstances. Some commonly used types include: 1. Durable Power of Attorney: A durable power of attorney in Maine remains effective even if the principal becomes mentally incapacitated or incompetent. This type of power of attorney ensures that the agent's authority to act on behalf of the principal is not terminated due to the principal's incapacitation. 2. Limited Power of Attorney: A limited power of attorney grants the agent specific authority to perform certain tasks or act on the principal's behalf for a limited duration or specific purpose. For example, a principal may grant a limited power of attorney to someone to handle the sale of their property while they are out of the country. 3. Springing Power of Attorney: A springing power of attorney becomes effective only upon the occurrence of a specified event, often the principal's incapacity. This type of power of attorney is commonly used when the principal wants to ensure that the agent's authority is activated only when they are unable to make decisions themselves. 4. Medical Power of Attorney: Also known as healthcare or medical proxy, a medical power of attorney grants the agent the authority to make medical decisions on behalf of the principal when they are unable to do so themselves. This might include decisions regarding medical treatments, surgeries, or end-of-life care. 5. Financial Power of Attorney: A financial power of attorney gives the agent the authority to manage the principal's financial matters, such as banking transactions, tax filings, managing investments, and paying bills. The agent is entrusted with the responsibility to handle financial affairs in the best interest of the principal. Creating a Maine General Power of Attorney is an important legal process that requires careful consideration. It is advisable to consult an attorney experienced in Maine state laws to ensure compliance with the specific requirements and legal implications.
