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 General Power of Attorney in Bronx, New York is a legal document that grants someone the authority to make financial, legal, and business decisions on behalf of another person, referred to as the principal. This document is often used when the principal is unable to make decisions due to physical or mental incapacity or when they simply require assistance managing their affairs. In Bronx, New York, there are several types of General Power of Attorney: 1. Statutory Short Form Power of Attorney: This is the most common type of Power of Attorney in New York and is created using a predefined form. It grants the agent broad powers to handle the principal's financial matters, such as managing bank accounts, real estate transactions, and paying bills. 2. Non-Durable Power of Attorney: This type of Power of Attorney is valid only while the principal is mentally competent. It becomes invalid if the principal becomes incapacitated. It can be useful for handling short-term transactions or tasks. 3. Durable Power of Attorney: Unlike a non-durable Power of Attorney, a durable Power of Attorney remains valid even if the principal becomes mentally incapacitated. It grants the agent the authority to make financial decisions on the principal's behalf as long as they are alive. 4. Springing Power of Attorney: This Power of Attorney "springs" into effect only when a specific event or condition occurs, such as the principal becoming incapacitated. Until the triggering condition is met, the agent has no authority to act. 5. Health Care Proxy: While not strictly a General Power of Attorney, a Health Care Proxy is a legal document that allows an agent to make medical decisions on behalf of the principal if they become incapacitated and are unable to communicate their wishes. Creating a General Power of Attorney in Bronx, New York is an important task that should be undertaken with the assistance of a qualified attorney. It is essential to consider the specific needs and requirements of the principal to ensure that the document accurately reflects their wishes and provides the necessary powers to the appointed agent.A General Power of Attorney in Bronx, New York is a legal document that grants someone the authority to make financial, legal, and business decisions on behalf of another person, referred to as the principal. This document is often used when the principal is unable to make decisions due to physical or mental incapacity or when they simply require assistance managing their affairs. In Bronx, New York, there are several types of General Power of Attorney: 1. Statutory Short Form Power of Attorney: This is the most common type of Power of Attorney in New York and is created using a predefined form. It grants the agent broad powers to handle the principal's financial matters, such as managing bank accounts, real estate transactions, and paying bills. 2. Non-Durable Power of Attorney: This type of Power of Attorney is valid only while the principal is mentally competent. It becomes invalid if the principal becomes incapacitated. It can be useful for handling short-term transactions or tasks. 3. Durable Power of Attorney: Unlike a non-durable Power of Attorney, a durable Power of Attorney remains valid even if the principal becomes mentally incapacitated. It grants the agent the authority to make financial decisions on the principal's behalf as long as they are alive. 4. Springing Power of Attorney: This Power of Attorney "springs" into effect only when a specific event or condition occurs, such as the principal becoming incapacitated. Until the triggering condition is met, the agent has no authority to act. 5. Health Care Proxy: While not strictly a General Power of Attorney, a Health Care Proxy is a legal document that allows an agent to make medical decisions on behalf of the principal if they become incapacitated and are unable to communicate their wishes. Creating a General Power of Attorney in Bronx, New York is an important task that should be undertaken with the assistance of a qualified attorney. It is essential to consider the specific needs and requirements of the principal to ensure that the document accurately reflects their wishes and provides the necessary powers to the appointed agent.
