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 Suffolk New York General Power of Attorney is a legal document that grants authority to an individual, known as the agent or attorney-in-fact, to handle the financial and legal affairs of another person, known as the principal. This document is executed in accordance with the laws and regulations specific to Suffolk County, New York. A General Power of Attorney provides broad powers to the agent, allowing them to make decisions and act on behalf of the principal in various matters, including banking transactions, managing real estate, signing contracts, paying bills, and filing tax returns. The powers granted can be broad or limited, depending on the specific needs and preferences of the principal. In Suffolk County, New York, there are a few variations of General Power of Attorney that individuals can choose from, based on their requirements: 1. Durable Power of Attorney: This type of Power of Attorney remains effective even if the principal becomes mentally incapacitated or unable to make decisions. It provides continuity and ensures that the agent can continue to act on behalf of the principal, even during their incapacity. 2. Limited Power of Attorney: As the name suggests, a Limited Power of Attorney grants specific powers to the agent for a limited period of time or specific purpose. For instance, the principal might need someone to handle their financial affairs while they are out of the country for a short period of time. 3. Springing Power of Attorney: A Springing Power of Attorney becomes effective only upon the occurrence of a specific event, such as the incapacity of the principal. It provides an added layer of protection by ensuring that the agent's powers are only activated when necessary. It is important to note that executing a General Power of Attorney is a significant decision and should be done with careful consideration. Consulting with an attorney who is knowledgeable about Suffolk County, New York laws is highly recommended ensuring that the document reflects the desires and intentions of the principal in accordance with all legal requirements.A Suffolk New York General Power of Attorney is a legal document that grants authority to an individual, known as the agent or attorney-in-fact, to handle the financial and legal affairs of another person, known as the principal. This document is executed in accordance with the laws and regulations specific to Suffolk County, New York. A General Power of Attorney provides broad powers to the agent, allowing them to make decisions and act on behalf of the principal in various matters, including banking transactions, managing real estate, signing contracts, paying bills, and filing tax returns. The powers granted can be broad or limited, depending on the specific needs and preferences of the principal. In Suffolk County, New York, there are a few variations of General Power of Attorney that individuals can choose from, based on their requirements: 1. Durable Power of Attorney: This type of Power of Attorney remains effective even if the principal becomes mentally incapacitated or unable to make decisions. It provides continuity and ensures that the agent can continue to act on behalf of the principal, even during their incapacity. 2. Limited Power of Attorney: As the name suggests, a Limited Power of Attorney grants specific powers to the agent for a limited period of time or specific purpose. For instance, the principal might need someone to handle their financial affairs while they are out of the country for a short period of time. 3. Springing Power of Attorney: A Springing Power of Attorney becomes effective only upon the occurrence of a specific event, such as the incapacity of the principal. It provides an added layer of protection by ensuring that the agent's powers are only activated when necessary. It is important to note that executing a General Power of Attorney is a significant decision and should be done with careful consideration. Consulting with an attorney who is knowledgeable about Suffolk County, New York laws is highly recommended ensuring that the document reflects the desires and intentions of the principal in accordance with all legal requirements.
