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.
Cook Illinois General Power of Attorney is a legal document that authorizes an individual (referred to as the agent or attorney-in-fact) to act on behalf of another person (the principal) in various financial and legal matters. This type of power of attorney allows the agent to make decisions, conduct transactions, and manage the principal's affairs when they are unable to do so themselves. In Cook County, Illinois, there are different variations of the General Power of Attorney that individuals can establish based on their specific needs and circumstances. Some of these include: 1. Durable Power of Attorney: This type of power of attorney remains in effect even if the principal becomes incapacitated or mentally incompetent. It provides broad powers to the agent to handle the principal's affairs. 2. Limited Power of Attorney: A limited power of attorney grants the agent specific powers and limits their authority to specified actions or a particular period. It is suitable for situations where the principal requires assistance with specific matters, such as a real estate transaction. 3. Springing Power of Attorney: A springing power of attorney becomes effective only upon the occurrence of a specified event, usually the incapacity or disability of the principal. This allows the principal to retain control over their affairs until the triggering event takes place. 4. Medical Power of Attorney: This particular power of attorney is specifically designed to handle medical decisions on behalf of the principal. The agent, also known as a healthcare proxy, has the authority to make healthcare choices when the principal is unable to express their wishes. 5. Financial Power of Attorney: A financial power of attorney provides the agent with powers related to the management of the principal's financial matters. They can handle banking transactions, pay bills, manage investments, or oversee business interests on the principal's behalf. When setting up a Cook Illinois General Power of Attorney, it is crucial to consult with an attorney or utilize official forms provided by the state. This ensures that the document complies with the governing laws in Cook County and includes specific powers and limitations desired by the principal.Cook Illinois General Power of Attorney is a legal document that authorizes an individual (referred to as the agent or attorney-in-fact) to act on behalf of another person (the principal) in various financial and legal matters. This type of power of attorney allows the agent to make decisions, conduct transactions, and manage the principal's affairs when they are unable to do so themselves. In Cook County, Illinois, there are different variations of the General Power of Attorney that individuals can establish based on their specific needs and circumstances. Some of these include: 1. Durable Power of Attorney: This type of power of attorney remains in effect even if the principal becomes incapacitated or mentally incompetent. It provides broad powers to the agent to handle the principal's affairs. 2. Limited Power of Attorney: A limited power of attorney grants the agent specific powers and limits their authority to specified actions or a particular period. It is suitable for situations where the principal requires assistance with specific matters, such as a real estate transaction. 3. Springing Power of Attorney: A springing power of attorney becomes effective only upon the occurrence of a specified event, usually the incapacity or disability of the principal. This allows the principal to retain control over their affairs until the triggering event takes place. 4. Medical Power of Attorney: This particular power of attorney is specifically designed to handle medical decisions on behalf of the principal. The agent, also known as a healthcare proxy, has the authority to make healthcare choices when the principal is unable to express their wishes. 5. Financial Power of Attorney: A financial power of attorney provides the agent with powers related to the management of the principal's financial matters. They can handle banking transactions, pay bills, manage investments, or oversee business interests on the principal's behalf. When setting up a Cook Illinois General Power of Attorney, it is crucial to consult with an attorney or utilize official forms provided by the state. This ensures that the document complies with the governing laws in Cook County and includes specific powers and limitations desired by the principal.
