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.
Virginia General Power of Attorney is a legal document that grants broad powers to an appointed individual, known as an "agent" or "attorney-in-fact," to act on behalf of the principal. This document is designed to allow the agent to make important decisions and handle various financial, legal, and business matters when the principal is unable to do so themselves due to physical or mental incapacity, absence, or other reasons. A Virginia General Power of Attorney typically covers a wide range of powers, including managing bank accounts, real estate transactions, signing contracts, operating a business, managing investments, making healthcare decisions, and handling tax matters. It provides flexibility in allowing the agent to handle any financial or legal affairs of the principal, unless otherwise restricted. There are different types of Virginia General Power of Attorney, depending on the scope of authority granted to the agent. Let's explore some common types: 1. Non-Durable General Power of Attorney: This type of document becomes invalid if the principal loses their mental capacity or passes away. It is suitable for temporary situations or specific tasks, providing flexibility without long-term commitment. 2. Durable General Power of Attorney: Unlike the non-durable version, a durable General Power of Attorney continues to be effective even if the principal becomes mentally incapacitated. It ensures seamless management of affairs during incapacity, maximizing the agent's ability to act on behalf of the principal. 3. Springing Power of Attorney: This type only becomes effective upon the occurrence of a specific event or condition, such as the principal becoming physically or mentally incapacitated. It allows the principal to maintain control until the specified triggering event takes place. 4. Limited Power of Attorney: In some situations, the principal may prefer to grant limited powers to the agent, restricting their authority to specific tasks or a particular timeframe. For instance, a limited power of attorney may be created for a real estate transaction or while the principal is out of the country. When drafting a Virginia General Power of Attorney, it is crucial to consult a knowledgeable attorney or review the state's specific statutory requirements. This ensures compliance and addresses any specific concerns or preferences the principal may have regarding their affairs.
