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 South Carolina General Power of Attorney is a legal document that grants someone, known as the "agent" or "attorney-in-fact," the authority to act on behalf of another person, known as the "principal," in various financial, legal, and business matters. This document is governed by the laws and regulations of South Carolina and is binding once executed. A General Power of Attorney gives broad powers to the agent, allowing them to make decisions and handle affairs on behalf of the principal. These powers typically include managing bank accounts, paying bills, making investments, buying or selling property, filing taxes, and dealing with legal matters. However, it is important to note that the agent's powers are limited to what is specified in the document. There are different types of South Carolina General Power of Attorney that may be used depending on the specific circumstances and preferences of the principal: 1. Durable Power of Attorney: This type of General Power of Attorney remains valid even if the principal becomes incapacitated or mentally incompetent. It ensures that the agent can continue to act on the principal's behalf, making important decisions and managing their affairs when they are unable to do so. 2. Limited Power of Attorney: Unlike a general power of attorney, a limited power of attorney grants the agent limited powers and allows them to act on behalf of the principal only in specific situations or for specific purposes. For example, the principal may grant the agent the power to sell a particular property or handle a specific financial transaction. 3. Springing Power of Attorney: A springing power of attorney becomes effective only upon the occurrence of a specified event, typically the incapacitation or mental incompetence of the principal. This type of power of attorney is commonly used when the principal wants to retain control over their affairs until a triggering event occurs. When creating a South Carolina General Power of Attorney, it is recommended to consult with a qualified attorney who specializes in estate planning or elder law. The attorney can guide the principal through the process, ensure compliance with state laws, and tailor the document to meet specific needs and preferences. In conclusion, a South Carolina General Power of Attorney is a legal document through which an agent is granted broad powers to act on behalf of a principal in various financial, legal, and business matters. The types of General Power of Attorney in South Carolina include durable, limited, and springing, each serving a specific purpose depending on the principal's circumstances and intentions.
