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.
Utah General Power of Attorney: A Comprehensive Overview A Utah General Power of Attorney is a legal document that grants an individual, known as the principal, the ability to authorize another person, referred to as the agent or attorney-in-fact, to make various financial, legal, and personal decisions on their behalf. This legal arrangement bestows broad powers to the appointed agent, allowing them to act in the principal's best interest, especially when they are unavailable or unable to handle their affairs. Here are some relevant keywords and key phrases associated with the Utah General Power of Attorney: 1. Authority: A Utah General Power of Attorney provides the agent with broad authority to act on behalf of the principal across a wide range of matters, including financial, personal, healthcare, and legal decisions. 2. Principal: The individual who creates and grants power to the agent in a Utah General Power of Attorney is commonly known as the principal. This individual must have the legal capacity to enter into such an agreement. 3. Agent/Attorney-in-Fact: The agent or attorney-in-fact is the person chosen by the principal to act on their behalf, make decisions, and handle various specified matters. The agent can be a trusted family member, friend, or a professional chosen for their expertise. 4. Financial Matters: A Utah General Power of Attorney often encompasses financial matters such as managing bank accounts, paying bills, conducting real estate transactions, investing, insurance, tax matters, and more. The agent gains the authority to handle and make decisions regarding the principal's financial affairs. 5. Personal Matters: In addition to financial matters, a Utah General Power of Attorney may allow the agent to handle personal affairs such as managing real estate properties, personal assets not related to finances, engaging in litigation, and making legal decisions on behalf of the principal. 6. Healthcare Decisions: Although not specific to a General Power of Attorney, an individual can incorporate healthcare and medical decision-making powers into the document by adding a healthcare power of attorney or a healthcare directive component. This grants the agent authority to make medical decisions based on the principal's declared wishes or in their best interest should they become incapacitated. 7. Durable Power of Attorney: The Utah General Power of Attorney can be drafted as a durable power of attorney, meaning it remains valid even if the principal becomes incapacitated or mentally incompetent. This attribute ensures continuity of decision-making during challenging circumstances. 8. Limited Power of Attorney: Conversely, the Utah General Power of Attorney can also be tailored as a limited power of attorney, granting the agent the ability to handle specific tasks or make decisions only related to a particular transaction or time frame. 9. Revocation: A Utah General Power of Attorney can be revoked by the principal at any time by executing a written revocation document and notifying all relevant parties involved, including the agent, financial institutions, and relevant stakeholders. Understanding the various types and key aspects of a Utah General Power of Attorney ensures that individuals can make informed decisions when selecting an agent and creating this crucial legal document. Consulting with a knowledgeable attorney is highly recommended ensuring compliance with Utah laws and to customize the document to fit specific circumstances.
