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 Pennsylvania General Power of Attorney is a legal document that grants someone the authority to act on your behalf, making financial and legal decisions. This authorization allows your chosen agent, also known as an attorney-in-fact, to manage your affairs while you are unable to do so yourself. Whether you are absent, incapacitated, or simply need assistance, a General Power of Attorney can provide peace of mind by ensuring your affairs are handled according to your wishes. There are several types of Pennsylvania General Power of Attorney, each serving a specific purpose. These include: 1. Durable Power of Attorney: This document remains effective even if you become mentally incapacitated, ensuring your agent can continue to act on your behalf. 2. Limited Power of Attorney: In this type, the authority granted to your agent is limited to a specific time frame or particular tasks. For instance, you can give them the power to handle a real estate transaction while you are out of the country. 3. Springing Power of Attorney: This type becomes effective only when a specified event occurs, usually your incapacity or illness, as determined by a medical professional. 4. Financial Power of Attorney: This grants your agent the authority to manage your financial affairs, including accessing your bank accounts, paying bills, and filing taxes. 5. Medical Power of Attorney: This document empowers your chosen agent to make healthcare decisions on your behalf, following your predetermined instructions and preferences. 6. Successor Power of Attorney: In case your primary agent is unable or unwilling to fulfill their duties, this type designates a backup agent to step in and assume the responsibilities outlined in the document. By creating a Pennsylvania General Power of Attorney, you can choose a trusted individual to handle important matters on your behalf. Keep in mind that this is a legally binding document, so it is crucial to consult with a qualified attorney to ensure it complies with Pennsylvania state laws and includes all necessary provisions and limitations.
