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.
Michigan General Power of Attorney is a legal document that grants an individual, referred to as the "principal," the ability to appoint someone they trust, known as the "attorney-in-fact" or "agent," to handle their financial and personal affairs. This power is fairly broad and allows the agent to make various decisions and take actions on behalf of the principal. The Michigan General Power of Attorney is governed by the Michigan Statutory Power of Attorney Act (MCL 700.5501 et seq.). It is essential to understand that this document becomes effective immediately upon signing unless specified otherwise. Its validity remains even if the principal becomes incapacitated, unless stated otherwise. Under the Michigan General Power of Attorney, the principal can authorize their agent to carry out an array of tasks, including but not limited to managing their assets, paying bills, handling financial transactions, purchasing or selling property, managing investments, filing taxes, operating their business, and making healthcare decisions in certain cases. It is crucial to clearly define the scope and limitations of the agent's authority within the document to avoid any misunderstandings. Michigan also offers a few different types of General Power of Attorney, tailored to specific circumstances and preferences. These include: 1. Durable Power of Attorney: This type of power of attorney remains effective even if the principal becomes mentally incapacitated or unable to manage their own affairs. It offers added protection and ensures continuity of decision-making. 2. Limited Power of Attorney: Unlike the general power of attorney, the limited power of attorney grants the agent authority only for specific tasks or within a defined period. This type is often used when the principal wants assistance with a particular transaction or during a temporary absence. 3. Springing Power of Attorney: A springing power of attorney becomes effective only when a specific condition or event occurs, usually the incapacity of the principal. This type ensures that the agent's authority kicks in exactly when needed. 4. Financial Power of Attorney: This power of attorney is specifically designed to grant the agent authority over financial matters only. It does not cover healthcare decisions or personal matters. When executing a Michigan General Power of Attorney, it is advisable to consult an experienced attorney to ensure compliance with state laws and to tailor the document to individual needs and circumstances. Seeking legal advice can help clarify any potential questions and safeguard the principal's interests.Michigan General Power of Attorney is a legal document that grants an individual, referred to as the "principal," the ability to appoint someone they trust, known as the "attorney-in-fact" or "agent," to handle their financial and personal affairs. This power is fairly broad and allows the agent to make various decisions and take actions on behalf of the principal. The Michigan General Power of Attorney is governed by the Michigan Statutory Power of Attorney Act (MCL 700.5501 et seq.). It is essential to understand that this document becomes effective immediately upon signing unless specified otherwise. Its validity remains even if the principal becomes incapacitated, unless stated otherwise. Under the Michigan General Power of Attorney, the principal can authorize their agent to carry out an array of tasks, including but not limited to managing their assets, paying bills, handling financial transactions, purchasing or selling property, managing investments, filing taxes, operating their business, and making healthcare decisions in certain cases. It is crucial to clearly define the scope and limitations of the agent's authority within the document to avoid any misunderstandings. Michigan also offers a few different types of General Power of Attorney, tailored to specific circumstances and preferences. These include: 1. Durable Power of Attorney: This type of power of attorney remains effective even if the principal becomes mentally incapacitated or unable to manage their own affairs. It offers added protection and ensures continuity of decision-making. 2. Limited Power of Attorney: Unlike the general power of attorney, the limited power of attorney grants the agent authority only for specific tasks or within a defined period. This type is often used when the principal wants assistance with a particular transaction or during a temporary absence. 3. Springing Power of Attorney: A springing power of attorney becomes effective only when a specific condition or event occurs, usually the incapacity of the principal. This type ensures that the agent's authority kicks in exactly when needed. 4. Financial Power of Attorney: This power of attorney is specifically designed to grant the agent authority over financial matters only. It does not cover healthcare decisions or personal matters. When executing a Michigan General Power of Attorney, it is advisable to consult an experienced attorney to ensure compliance with state laws and to tailor the document to individual needs and circumstances. Seeking legal advice can help clarify any potential questions and safeguard the principal's interests.
