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.
Wayne, Michigan General Power of Attorney is a legally binding document that grants a trusted individual or "Attorney-in-fact" the authority to make various financial and legal decisions on behalf of the person creating the power of attorney, referred to as the "Principal." The General Power of Attorney in Wayne, Michigan typically encompasses a broad range of powers, allowing the Attorney-in-fact to manage the Principal's financial affairs, access and control bank accounts, make investment decisions, pay bills, file taxes, buy or sell real estate, sign contracts, and handle legal matters in the Principal's absence or incapacitation. These powers are not limited to a specific transaction or duration and can be effective immediately upon signing or can be activated based on specific triggers, such as the Principal's incapacity. Several key keywords relevant to Wayne, Michigan General Power of Attorney include: 1. Legal document: Wayne, Michigan General Power of Attorney is a legally binding document that must be drafted in compliance with state laws and regulations. 2. Attorney-in-fact: This term refers to the trusted person chosen by the Principal to act on their behalf and make decisions outlined in the power of attorney. 3. Financial decisions: The General Power of Attorney authorizes the Attorney-in-fact to handle various financial matters like banking, bill payments, tax filings, and investment decisions. 4. Legal decision-making: The Attorney-in-fact may also be entrusted with making legal decisions on behalf of the Principal, including signing contracts, initiating or defending lawsuits, and handling real estate transactions. 5. Principal: The person creating the power of attorney is referred to as the Principal, who grants authority to the Attorney-in-fact to act on their behalf. In addition to the General Power of Attorney, the state of Michigan recognizes other specialized types of powers of attorney: 1. Limited Power of Attorney: This grants the Attorney-in-fact limited powers for specific transactions or for a defined period. 2. Durable Power of Attorney: Even if the Principal becomes incapacitated, this type of power of attorney remains valid, allowing the Attorney-in-fact to continue acting on the Principal's behalf. 3. Springing Power of Attorney: This power of attorney becomes effective only upon the occurrence of a specified event, such as the Principal's incapacitation. It is crucial to consult with a legal professional to understand the specific requirements and nuances of Wayne, Michigan General Power of Attorney, as they may vary based on individual circumstances and preferences.Wayne, Michigan General Power of Attorney is a legally binding document that grants a trusted individual or "Attorney-in-fact" the authority to make various financial and legal decisions on behalf of the person creating the power of attorney, referred to as the "Principal." The General Power of Attorney in Wayne, Michigan typically encompasses a broad range of powers, allowing the Attorney-in-fact to manage the Principal's financial affairs, access and control bank accounts, make investment decisions, pay bills, file taxes, buy or sell real estate, sign contracts, and handle legal matters in the Principal's absence or incapacitation. These powers are not limited to a specific transaction or duration and can be effective immediately upon signing or can be activated based on specific triggers, such as the Principal's incapacity. Several key keywords relevant to Wayne, Michigan General Power of Attorney include: 1. Legal document: Wayne, Michigan General Power of Attorney is a legally binding document that must be drafted in compliance with state laws and regulations. 2. Attorney-in-fact: This term refers to the trusted person chosen by the Principal to act on their behalf and make decisions outlined in the power of attorney. 3. Financial decisions: The General Power of Attorney authorizes the Attorney-in-fact to handle various financial matters like banking, bill payments, tax filings, and investment decisions. 4. Legal decision-making: The Attorney-in-fact may also be entrusted with making legal decisions on behalf of the Principal, including signing contracts, initiating or defending lawsuits, and handling real estate transactions. 5. Principal: The person creating the power of attorney is referred to as the Principal, who grants authority to the Attorney-in-fact to act on their behalf. In addition to the General Power of Attorney, the state of Michigan recognizes other specialized types of powers of attorney: 1. Limited Power of Attorney: This grants the Attorney-in-fact limited powers for specific transactions or for a defined period. 2. Durable Power of Attorney: Even if the Principal becomes incapacitated, this type of power of attorney remains valid, allowing the Attorney-in-fact to continue acting on the Principal's behalf. 3. Springing Power of Attorney: This power of attorney becomes effective only upon the occurrence of a specified event, such as the Principal's incapacitation. It is crucial to consult with a legal professional to understand the specific requirements and nuances of Wayne, Michigan General Power of Attorney, as they may vary based on individual circumstances and preferences.
