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 Puerto Rico General Power of Attorney is a legal document that grants an individual or entity the authority to act on behalf of another person, known as the principal, in various legal and financial matters. This enables the appointed individual, also referred to as the attorney-in-fact or agent, to make decisions, sign documents, and conduct transactions on the principal's behalf. This type of power of attorney is broad in scope and grants extensive powers to the agent. It allows the agent to handle different aspects of the principal's affairs, including, but not limited to managing bank accounts, finances, real estate, investments, business transactions, and legal matters. In Puerto Rico, there are different types of General Power of Attorney, each serving specific purposes depending on the principal's needs. These include: 1. Durable Power of Attorney: This type remains effective even if the principal becomes incapacitated or mentally incompetent. It ensures that the agent can continue to act on behalf of the principal in such situations. 2. Limited Power of Attorney: As the name suggests, this type grants limited powers to the agent, restricting their authority to specific matters or a particular time period. It can be used for one-time transactions or when the principal is unable to handle certain affairs temporarily. 3. Springing Power of Attorney: This form becomes effective only when a specific event or condition, as outlined in the document, occurs. For example, it may come into effect if the principal becomes physically or mentally incapacitated. 4. Non-Springing Power of Attorney: Unlike the springing power of attorney, this type is effective immediately upon signing and remains valid until revoked by the principal. It doesn't require any event or condition to trigger its activation. 5. Health Care Power of Attorney: This power of attorney focuses specifically on medical and healthcare decisions. It enables the agent to make choices regarding the principal's treatment, medical procedures, and healthcare options. It is important to consult with an attorney experienced in Puerto Rico's laws when drafting a General Power of Attorney. The document should clearly outline the powers granted to the agent, any limitations or conditions, as well as the duration or triggering events for its activation. Additionally, the principal should carefully consider whom they appoint as their agent, as this person holds significant authority over their affairs.
