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 West Virginia 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 and legal matters. This type of power of attorney provides broad powers to the agent, allowing them to make decisions and take actions regarding the principal's assets, property, and other financial affairs. With a West Virginia General Power of Attorney, the agent can handle numerous matters on behalf of the principal, including managing bank accounts, paying bills, buying or selling property, handling investments, filing taxes, and making healthcare decisions. The specific powers granted can be customized based on the principal's requirements and preferences. It is important to note that a West Virginia General Power of Attorney is effective as soon as it is signed by the principal, unless stated otherwise in the document. This means that even if the principal is mentally incapacitated or unable to make decisions, the agent's authority remains valid. However, the power of attorney can also include specific conditions or limitations, allowing the principal to tailor the powers granted to the agent as desired. While the West Virginia General Power of Attorney is the most common type, there are a few variations that individuals may consider based on their needs: 1. Durable Power of Attorney: This type of power of attorney remains in effect even if the principal becomes incapacitated or unable to make decisions. It provides a higher level of continued support and flexibility for the principal. 2. Springing Power of Attorney: Unlike the general power of attorney, a springing power of attorney only becomes effective under specific circumstances, often when the principal is incapacitated or mentally incompetent. This type of power of attorney requires a specified triggering event to occur before the agent's powers can be exercised. 3. Financial Power of Attorney: This power of attorney focuses solely on financial matters, granting the agent the authority to handle the principal's financial affairs, including banking, investments, taxes, and contracts. In conclusion, a West Virginia General Power of Attorney is a versatile legal document that allows an agent to manage a wide range of financial and legal matters on behalf of the principal. The specific type of power of attorney can be tailored to the individual's needs, with options such as a durable power of attorney, springing power of attorney, or a financial power of attorney. It is important to consult with an attorney to ensure the document complies with West Virginia laws and meets the principal's objectives.
