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 Missouri General Power of Attorney is a legal document that grants an individual, known as the "principal," the ability to grant broad authority to another person, referred to as the "agent" or "attorney-in-fact," to handle various financial, legal, and personal matters on their behalf. This comprehensive legal authority provides substantial decision-making power to the agent and allows them to perform a wide range of duties and responsibilities. In Missouri, there are different types of General Power of Attorney arrangements that can be established, depending on the specific needs and circumstances of the principal. These types include: 1. Durable Power of Attorney: This type of General Power of Attorney remains in effect even if the principal becomes incapacitated or mentally unfit to make decisions. It ensures that the agent's authority is not terminated due to the principal's incapacity. 2. Non-Durable Power of Attorney: Unlike the durable power of attorney, the non-durable power of attorney ceases to be valid if the principal becomes incapacitated or mentally unfit. 3. Springing Power of Attorney: A springing power of attorney becomes effective only upon the happening of a specific event, such as the principal's incapacitation or illness. It provides a predetermined trigger for the agent's authority to begin. 4. Limited Power of Attorney: This type of power of attorney grants the agent authority to act only within specific limitations or for a particular duration. It enables the principal to delegate authority for a specific task or situation, such as handling a real estate transaction or attending a specific event on their behalf. 5. General Power of Attorney: The general power of attorney grants the agent broad powers to make decisions and act on behalf of the principal. It typically covers financial matters, property management, legal proceedings, banking transactions, insurance matters, and various personal affairs, unless otherwise specified. A Missouri General Power of Attorney is an essential legal tool that allows individuals to plan for the possibility of incapacity, delegate decision-making authority, and ensure someone they trust can act on their behalf when necessary. It is crucial to consult with an attorney or legal expert to ensure the power of attorney document accurately reflects the principal's intentions and adheres to Missouri state laws and regulations.A Missouri General Power of Attorney is a legal document that grants an individual, known as the "principal," the ability to grant broad authority to another person, referred to as the "agent" or "attorney-in-fact," to handle various financial, legal, and personal matters on their behalf. This comprehensive legal authority provides substantial decision-making power to the agent and allows them to perform a wide range of duties and responsibilities. In Missouri, there are different types of General Power of Attorney arrangements that can be established, depending on the specific needs and circumstances of the principal. These types include: 1. Durable Power of Attorney: This type of General Power of Attorney remains in effect even if the principal becomes incapacitated or mentally unfit to make decisions. It ensures that the agent's authority is not terminated due to the principal's incapacity. 2. Non-Durable Power of Attorney: Unlike the durable power of attorney, the non-durable power of attorney ceases to be valid if the principal becomes incapacitated or mentally unfit. 3. Springing Power of Attorney: A springing power of attorney becomes effective only upon the happening of a specific event, such as the principal's incapacitation or illness. It provides a predetermined trigger for the agent's authority to begin. 4. Limited Power of Attorney: This type of power of attorney grants the agent authority to act only within specific limitations or for a particular duration. It enables the principal to delegate authority for a specific task or situation, such as handling a real estate transaction or attending a specific event on their behalf. 5. General Power of Attorney: The general power of attorney grants the agent broad powers to make decisions and act on behalf of the principal. It typically covers financial matters, property management, legal proceedings, banking transactions, insurance matters, and various personal affairs, unless otherwise specified. A Missouri General Power of Attorney is an essential legal tool that allows individuals to plan for the possibility of incapacity, delegate decision-making authority, and ensure someone they trust can act on their behalf when necessary. It is crucial to consult with an attorney or legal expert to ensure the power of attorney document accurately reflects the principal's intentions and adheres to Missouri state laws and regulations.
