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.
Title: Understanding the Wisconsin General Power of Attorney: Types, Definition, and Key Features Introduction: Wisconsin General Power of Attorney allows individuals to appoint trusted individuals, known as agents or attorneys-in-fact, to make financial and legal decisions on their behalf. This legal document extends broad authority to the agent, granting them the ability to manage various aspects of the principal's affairs. Let's explore the different types and significant features of the Wisconsin General Power of Attorney. 1. Wisconsin Statutory Power of Attorney: The Wisconsin Statutory Power of Attorney is the most common type, often used for general financial matters. It follows the guidelines laid out in the Wisconsin Statutes Chapter 244, ensuring that the document remains legally valid and grants the authority requested by the principal. 2. Durable Power of Attorney: A Durable Power of Attorney remains effective even if the principal becomes incapacitated mentally or physically. With this provision, the agent can continue to act in the principal's best interest, making financial and legal decisions on their behalf. 3. Limited Power of Attorney: While the Wisconsin General Power of Attorney typically provides comprehensive authority, a Limited Power of Attorney restricts the agent's powers to specific matters or a defined timeframe. This type may be suitable for handling a particular transaction or managing a temporary absence. 4. Springing Power of Attorney: A Springing Power of Attorney becomes active only upon the occurrence of a specified event, typically the principal's incapacity or mental incompetence. It ensures that the agent's authority is triggered when necessary, preserving the principal's autonomy until then. 5. Medical Power of Attorney: Though not strictly a General Power of Attorney, the Medical Power of Attorney grants an agent the authority to make healthcare decisions on behalf of the principal. It is a crucial document in healthcare planning and allows the agent to advocate for the principal's wishes during medical treatment. Features of the Wisconsin General Power of Attorney: — Authority: The document outlines the specific powers and limitations granted to the agent, such as managing finances, real estate, taxes, business operations, and legal matters. — Principal's Revocation: The principal retains the right to revoke or alter the Power of Attorney unless they become incapacitated or restricted by a court order. — Agent's Fiduciary Duty: The agent is legally obligated to act in the principal's best interest, avoiding conflicts of interest and maintaining a high standard of care. — Successor Agents: The document may include provisions for appointing alternative or successor agents in case the primary agent becomes unable or unwilling to serve. — Notarization and Witness Requirements: To ensure legality, the Wisconsin General Power of Attorney must typically be signed by the principal in the presence of a notary public and at least two adult witnesses. Conclusion: The Wisconsin General Power of Attorney is an essential legal instrument that grants broad authority to an agent to handle various financial and legal matters on behalf of the principal. By understanding the types and features of this document, individuals can make informed decisions and secure their interests effectively. It is always advisable to consult an attorney experienced in estate planning to develop and execute such documents accurately.
