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 Nevada General Power of Attorney is a legal document that authorizes an appointed person, often referred to as an agent or attorney-in-fact, to act on behalf of another person, known as the principal, in various financial, business, and legal matters. This comprehensive power of attorney grants the agent broad authority to make decisions and take actions specified in the document, allowing them to manage the principal's affairs when they are unable to do so themselves. A General Power of Attorney in Nevada encompasses a wide range of powers, including but not limited to: 1. Managing real estate transactions: The agent can buy, sell, lease, mortgage, or manage the principal's real estate properties. 2. Handling financial matters: The agent can handle banking transactions, pay bills, manage investments, collect debts, and file tax returns on the principal's behalf. 3. Conducting business operations: The agent can run the principal's business, enter into contracts, negotiate deals, and handle legal matters related to the business. 4. Making healthcare decisions: The agent may have the authority to make healthcare decisions for the principal when they are incapacitated or unable to communicate their wishes clearly. 5. Managing personal affairs: The agent can handle various personal affairs of the principal, including managing insurance policies, accessing safe deposit boxes, and managing retirement accounts. It is important to note that the powers granted in a General Power of Attorney are typically effective immediately upon signing and remain in effect until revoked by the principal or upon their death. However, the principal can set specific conditions or limitations within the document, allowing them to tailor the powers granted based on their preferences and needs. Additionally, Nevada recognizes two types of General Power of Attorney: 1. Durable Power of Attorney: This type remains effective even if the principal becomes mentally incapacitated or unable to make decisions on their own. It ensures the agent's authority does not terminate due to the principal's incapacity. 2. Springing Power of Attorney: Unlike the durable power of attorney, this type becomes effective only upon the occurrence of a specified event, such as the principal's incapacity or illness. It grants the agent authority when a predetermined triggering event takes place. In conclusion, a Nevada General Power of Attorney empowers an agent to act on behalf of a principal in managing various financial, legal, and personal matters. The powers granted can range widely but should be specified clearly within the legal document. Additionally, Nevada recognizes both durable and springing types of General Power of Attorney to cater to different circumstances and preferences.
