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 Dakota General Power of Attorney is a legal document that grants an individual, known as the "principal," the authority to appoint an "agent" to act on their behalf in various financial and legal matters. The agent, also referred to as an "attorney-in-fact," has the power to make decisions and perform actions specified in the document. This legal instrument provides a broad scope of authority and enables the agent to handle a wide range of financial, business, and legal affairs on behalf of the principal. By executing a South Dakota General Power of Attorney, the principal entrusts the agent with the ability to manage assets, sign documents, make financial transactions, file taxes, purchase or sell property, engage in business transactions, and represent them in legal proceedings. It is essential to understand that a General Power of Attorney becomes effective immediately upon execution by the principal, unless otherwise specified in the document. This means that the agent can act on behalf of the principal right away. However, if the principal becomes incapacitated or mentally incompetent, the General Power of Attorney terminates, as it does not grant the agent authority to act in such circumstances. To address these situations, a principal can consider executing a South Dakota Durable Power of Attorney, discussed below. In South Dakota, there are different types of General Power of Attorney, depending on the level of authority granted: 1. Limited Power of Attorney: This document grants the agent specific powers to perform certain actions for a limited duration or within a specific context. It may be used, for instance, for a principal who needs assistance with a specific financial transaction or during a period of temporary absence. 2. Durable Power of Attorney: Unlike the regular General Power of Attorney, the Durable Power of Attorney continues to be in effect even if the principal becomes incapacitated or mentally incompetent. This type of power of attorney is often considered for long-term planning and allows the agent to continue managing the principal's affairs if they are unable to do so themselves. 3. Springing Power of Attorney: This type of General Power of Attorney "springs" into effect only when a specific event predetermined by the principal occurs, such as incapacitation or disability. Until the triggering event occurs, the agent does not possess any authority. This form of power of attorney is a means to ensure that the principal's wishes are respected while retaining control over one's affairs until deemed necessary. When creating a South Dakota General Power of Attorney, it is crucial to consult with a qualified attorney to ensure compliance with all state laws and to tailor the document to the principal's specific needs and circumstances. Each individual's situation is unique, and seeking professional legal advice will ensure that the document is valid, enforceable, and serves the principal's best interests.A South Dakota General Power of Attorney is a legal document that grants an individual, known as the "principal," the authority to appoint an "agent" to act on their behalf in various financial and legal matters. The agent, also referred to as an "attorney-in-fact," has the power to make decisions and perform actions specified in the document. This legal instrument provides a broad scope of authority and enables the agent to handle a wide range of financial, business, and legal affairs on behalf of the principal. By executing a South Dakota General Power of Attorney, the principal entrusts the agent with the ability to manage assets, sign documents, make financial transactions, file taxes, purchase or sell property, engage in business transactions, and represent them in legal proceedings. It is essential to understand that a General Power of Attorney becomes effective immediately upon execution by the principal, unless otherwise specified in the document. This means that the agent can act on behalf of the principal right away. However, if the principal becomes incapacitated or mentally incompetent, the General Power of Attorney terminates, as it does not grant the agent authority to act in such circumstances. To address these situations, a principal can consider executing a South Dakota Durable Power of Attorney, discussed below. In South Dakota, there are different types of General Power of Attorney, depending on the level of authority granted: 1. Limited Power of Attorney: This document grants the agent specific powers to perform certain actions for a limited duration or within a specific context. It may be used, for instance, for a principal who needs assistance with a specific financial transaction or during a period of temporary absence. 2. Durable Power of Attorney: Unlike the regular General Power of Attorney, the Durable Power of Attorney continues to be in effect even if the principal becomes incapacitated or mentally incompetent. This type of power of attorney is often considered for long-term planning and allows the agent to continue managing the principal's affairs if they are unable to do so themselves. 3. Springing Power of Attorney: This type of General Power of Attorney "springs" into effect only when a specific event predetermined by the principal occurs, such as incapacitation or disability. Until the triggering event occurs, the agent does not possess any authority. This form of power of attorney is a means to ensure that the principal's wishes are respected while retaining control over one's affairs until deemed necessary. When creating a South Dakota General Power of Attorney, it is crucial to consult with a qualified attorney to ensure compliance with all state laws and to tailor the document to the principal's specific needs and circumstances. Each individual's situation is unique, and seeking professional legal advice will ensure that the document is valid, enforceable, and serves the principal's best interests.
