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 General Power of Attorney is a legal document that grants someone, known as the "agent" or "attorney-in-fact," the authority to make decisions and act on behalf of another person, known as the "principal," in various financial and legal matters. In the state of Oklahoma, there are different types of General Power of Attorney that offer specific levels of authority depending on the principal's needs. 1. Basic General Power of Attorney: This type of Power of Attorney grants the agent the authority to act on the principal's behalf in a wide range of financial and legal matters. It includes tasks such as managing bank accounts, real estate transactions, paying bills, managing investments, and making decisions related to business operations. This type of Power of Attorney is effective immediately upon signing and remains valid until it is revoked or the principal becomes incapacitated. 2. Limited General Power of Attorney: A Limited General Power of Attorney is a more restricted version that provides the agent with specific authority in certain areas or for a limited period. It allows the agent to handle specific tasks or make decisions on behalf of the principal, such as selling a property, managing a business in the principal's absence, or handling financial transactions for a specified duration. Once the specified purpose or period is completed, the authority terminates. 3. Durable General Power of Attorney: This type of Power of Attorney remains valid even if the principal becomes incapacitated or mentally incompetent. It ensures that the agent can continue to act on behalf of the principal and make financial and legal decisions when they are unable to do so themselves. However, it is essential to specify in the document that it is durable to ensure its effectiveness in such situations. 4. Springing General Power of Attorney: A Springing Power of Attorney only becomes effective when a specific condition is met, typically the incapacity of the principal. It allows the agent to step in and make decisions on behalf of the principal only when the specified event occurs. This type of Power of Attorney requires clear and specific language to determine what qualifies as the triggering event and how the incapacity to be determined. It is crucial to consult with an attorney experienced in Oklahoma law to ensure that the General Power of Attorney meets all legal requirements and addresses the specific needs and preferences of the principal. These legal arrangements can have significant implications, so having a comprehensive understanding of the different types and their implications is essential in protecting the principal's interests.A General Power of Attorney is a legal document that grants someone, known as the "agent" or "attorney-in-fact," the authority to make decisions and act on behalf of another person, known as the "principal," in various financial and legal matters. In the state of Oklahoma, there are different types of General Power of Attorney that offer specific levels of authority depending on the principal's needs. 1. Basic General Power of Attorney: This type of Power of Attorney grants the agent the authority to act on the principal's behalf in a wide range of financial and legal matters. It includes tasks such as managing bank accounts, real estate transactions, paying bills, managing investments, and making decisions related to business operations. This type of Power of Attorney is effective immediately upon signing and remains valid until it is revoked or the principal becomes incapacitated. 2. Limited General Power of Attorney: A Limited General Power of Attorney is a more restricted version that provides the agent with specific authority in certain areas or for a limited period. It allows the agent to handle specific tasks or make decisions on behalf of the principal, such as selling a property, managing a business in the principal's absence, or handling financial transactions for a specified duration. Once the specified purpose or period is completed, the authority terminates. 3. Durable General Power of Attorney: This type of Power of Attorney remains valid even if the principal becomes incapacitated or mentally incompetent. It ensures that the agent can continue to act on behalf of the principal and make financial and legal decisions when they are unable to do so themselves. However, it is essential to specify in the document that it is durable to ensure its effectiveness in such situations. 4. Springing General Power of Attorney: A Springing Power of Attorney only becomes effective when a specific condition is met, typically the incapacity of the principal. It allows the agent to step in and make decisions on behalf of the principal only when the specified event occurs. This type of Power of Attorney requires clear and specific language to determine what qualifies as the triggering event and how the incapacity to be determined. It is crucial to consult with an attorney experienced in Oklahoma law to ensure that the General Power of Attorney meets all legal requirements and addresses the specific needs and preferences of the principal. These legal arrangements can have significant implications, so having a comprehensive understanding of the different types and their implications is essential in protecting the principal's interests.
