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 Minnesota General Power of Attorney is a legal document that grants an individual, referred to as the "principal," the authority to appoint another person, known as the "attorney-in-fact" or "agent," to make decisions, act, and carry out tasks on their behalf. This authority is specifically related to financial and legal matters. The Minnesota General Power of Attorney provides flexibility to the principal, allowing them to give broad powers to their chosen agent, empowering them to handle a wide range of financial transactions and legal matters. These powers can include managing real estate, conducting bank transactions, signing contracts, filing tax returns, managing investments, and providing care for dependents, among others. It is crucial to understand that the principal's authority under a General Power of Attorney ends upon their incapacity or death unless the document contains provisions for durability or continues after incapacity. This makes it different from a durable power of attorney, which remains effective even if the principal becomes incapacitated. Additionally, different types of Minnesota General Power of Attorney may exist to suit specific circumstances. Some examples include: 1. Limited Power of Attorney: This type grants the agent authority over specific tasks or a particular period. For instance, if the principal is unable to attend a real estate closing, they can appoint an agent through a limited power of attorney to represent them solely for that transaction. 2. Springing Power of Attorney: A springing power of attorney becomes effective upon the occurrence of a specific event, such as the principal's incapacity. This type of power of attorney requires proof or documentation of the event before it becomes valid. 3. Financial Power of Attorney: This type focuses exclusively on financial matters and grants the agent the authority to handle financial transactions, pay bills, access bank accounts, and manage investments on the principal's behalf. 4. Medical Power of Attorney: While not strictly a general power of attorney, this legal document is relevant when it comes to healthcare decisions. It grants an agent the authority to make medical decisions on behalf of the principal, particularly when they are unable to do so due to incapacity. When creating a General Power of Attorney in Minnesota, it is crucial to consult with an attorney who specializes in estate planning or elder law to ensure the document complies with state laws and meets the specific needs and wishes of the principal.A Minnesota General Power of Attorney is a legal document that grants an individual, referred to as the "principal," the authority to appoint another person, known as the "attorney-in-fact" or "agent," to make decisions, act, and carry out tasks on their behalf. This authority is specifically related to financial and legal matters. The Minnesota General Power of Attorney provides flexibility to the principal, allowing them to give broad powers to their chosen agent, empowering them to handle a wide range of financial transactions and legal matters. These powers can include managing real estate, conducting bank transactions, signing contracts, filing tax returns, managing investments, and providing care for dependents, among others. It is crucial to understand that the principal's authority under a General Power of Attorney ends upon their incapacity or death unless the document contains provisions for durability or continues after incapacity. This makes it different from a durable power of attorney, which remains effective even if the principal becomes incapacitated. Additionally, different types of Minnesota General Power of Attorney may exist to suit specific circumstances. Some examples include: 1. Limited Power of Attorney: This type grants the agent authority over specific tasks or a particular period. For instance, if the principal is unable to attend a real estate closing, they can appoint an agent through a limited power of attorney to represent them solely for that transaction. 2. Springing Power of Attorney: A springing power of attorney becomes effective upon the occurrence of a specific event, such as the principal's incapacity. This type of power of attorney requires proof or documentation of the event before it becomes valid. 3. Financial Power of Attorney: This type focuses exclusively on financial matters and grants the agent the authority to handle financial transactions, pay bills, access bank accounts, and manage investments on the principal's behalf. 4. Medical Power of Attorney: While not strictly a general power of attorney, this legal document is relevant when it comes to healthcare decisions. It grants an agent the authority to make medical decisions on behalf of the principal, particularly when they are unable to do so due to incapacity. When creating a General Power of Attorney in Minnesota, it is crucial to consult with an attorney who specializes in estate planning or elder law to ensure the document complies with state laws and meets the specific needs and wishes of the principal.
