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.
Salt Lake City, Utah General Power of Attorney (POA) is a legal document that grants a trusted individual or entity, referred to as an "attorney-in-fact" or "agent," the authority to act on behalf of the principal in various financial and legal matters. This power of attorney encompasses a broad range of powers and is not limited to specific actions or decisions. General Power of Attorney allows the agent to make decisions related to managing the principal's financial affairs, such as banking transactions, real estate transactions, managing investments, paying bills, filing taxes, and operating business interests. It is a valuable tool in situations where the principal may be unavailable, incapacitated, or require assistance due to illness, travel, or military service. In Salt Lake City, Utah, there are various types of General Power of Attorney provisions that can be added to the document based on specific needs and circumstances. Some common types include: 1. Durable Power of Attorney: This provision ensures that the agent's authority remains in effect even if the principal becomes mentally or physically incapacitated. It offers protection and continuity of decision-making power. 2. Limited Power of Attorney: Limited POA grants the agent restricted powers, limiting them to specific transactions or timeframes. This type of POA is suitable when the principal only requires assistance with certain matters temporarily. 3. Springing Power of Attorney: A springing POA becomes effective only when a specific event or condition occurs, such as the principal's incapacitation or absence. It allows the principal to maintain control until the triggering event happens. 4. Medical Power of Attorney: While not strictly a part of the General Power of Attorney, a medical POA is often executed alongside it to designate someone to make healthcare decisions on the principal's behalf if they are unable to do so. It is vital to ensure medical preferences and directives align with the chosen agent's beliefs. Creating a Salt Lake City, Utah General Power of Attorney is an important and legally binding decision. It is advisable to consult with an experienced attorney to understand the legal implications, drafting requirements, and specific provisions suitable for individual needs. By having a well-drafted General Power of Attorney, the principal can have peace of mind knowing that their financial matters are managed by a trusted individual in accordance with their wishes.
