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.
Phoenix Arizona General Power of Attorney: A Comprehensive Overview In Phoenix, Arizona, a General Power of Attorney is a legal document that grants broad authority to an appointed person, known as an agent or attorney-in-fact, to handle a wide range of financial and legal matters on behalf of the principal. This legal instrument is essential for individuals who may become incapacitated or simply wish to delegate their decision-making power to another trusted individual. Key Points: 1. Definition: A General Power of Attorney grants the agent the authority to act on behalf of the principal in various areas, such as managing real estate, finances, business transactions, taxes, insurance claims, banking, asset management, and more. 2. Eligibility: In Phoenix, Arizona, any adult of sound mind, including residents and non-residents, can create and assign a General Power of Attorney. 3. Not Gender-Specific: It's important to note that the term "attorney" in the context of a power of attorney does not necessarily imply a lawyer or legal professional. It refers to an individual entrusted with the power to act on someone else's behalf. 4. Types of General Power of Attorney: In Phoenix, Arizona, there are two primary types: a) Immediate General Power of Attorney: Provides authority to the agent as soon as the document is executed and remains in effect until the principal's incapacity or revocation. b) Springing General Power of Attorney: Becomes effective only upon a specific event or condition, usually the principal's incapacity. A medical professional's documentation or statement is usually required to trigger its activation. 5. Scope of Authority: The principal retains the ability to define and limit the agent's powers as desired, ensuring control and customization over the extent to which the agent can act. 6. Durable Power of Attorney: A General Power of Attorney can also be durable, meaning it remains effective even if the principal becomes incapacitated. This ensures that the agent can continue acting on the principal's behalf during periods of temporary or permanent disability. 7. Revocation: The principal has the right to terminate or revoke the General Power of Attorney at any time, as long as they are mentally competent. A written revocation or the creation of a new power of attorney can nullify the existing document. 8. Legal Assistance: While not mandatory, seeking professional legal assistance when drafting a General Power of Attorney in Phoenix, Arizona, is highly recommended ensuring compliance with state laws and to address individual needs and concerns. In summary, a Phoenix Arizona General Power of Attorney serves as a vital legal tool that allows an appointed representative to manage various financial and legal affairs on behalf of the principal. Understanding the different types and considerations associated with this document is paramount to ensure one's wishes are carried out effectively and in accordance with the law.
