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.
Title: Understanding the Arizona General Power of Attorney: Types and Detailed Description Introduction: The Arizona General Power of Attorney is a legal document that allows an individual (the principal) to grant another person (the agent or attorney-in-fact) the authority to make important decisions and act on their behalf. This document comes in different types, depending on the specific circumstances and scope of authority required. In this article, we will provide a detailed description of the Arizona General Power of Attorney and its various types, outlining key aspects and relevant keywords to enhance understanding. 1. Arizona General Power of Attorney: The Arizona General Power of Attorney is a comprehensive legal document that delegates broad authority to an appointed agent to handle various financial, personal, and legal matters on behalf of the principal. Keywords: Arizona General Power of Attorney, broad authority, appointed agent, financial matters, personal matters, legal matters. 2. Durable Power of Attorney: The Durable Power of Attorney is a type of General Power of Attorney that remains effective even if the principal becomes incapacitated or unable to make decisions. This ensures continuity in decision-making and protects the principal's interests during incapacitation. Keywords: Durable Power of Attorney, incapacitation, decision-making, continuity, protects interests. 3. Limited/Special Power of Attorney: A Limited or Special Power of Attorney grants the agent specific powers limited to a particular purpose or time frame. It allows the principal to authorize the agent to handle only certain legal, financial, or personal matters on their behalf. Keywords: Limited Power of Attorney, Special Power of Attorney, specific powers, particular purpose, time frame, legal matters, financial matters, personal matters. 4. Springing Power of Attorney: A Springing Power of Attorney becomes active only when specific conditions or events occur, as specified in the document. Typically, it becomes effective upon the principal's incapacity or incapability to make decisions. Keywords: Springing Power of Attorney, specific conditions, specific events, effective upon incapacity, effective upon incapability, decision-making. 5. Financial Power of Attorney: A Financial Power of Attorney grants the agent authority to handle financial matters on the principal's behalf, such as managing bank accounts, paying bills, managing investments, and handling tax-related issues. Keywords: Financial Power of Attorney, financial matters, bank accounts, bill payments, investment management, tax-related issues. 6. Healthcare Power of Attorney: A Healthcare Power of Attorney grants the agent the authority to make healthcare decisions on behalf of the principal when they are unable to do so. This power is typically invoked when the principal is incapacitated or deemed medically incapable. Keywords: Healthcare Power of Attorney, healthcare decisions, incapacitated, medically incapable. Conclusion: The Arizona General Power of Attorney is a legal tool that enables individuals to assign decision-making authority to another person. Understanding the different types of General Power of Attorney, such as Durable, Limited/Special, Springing, Financial, and Healthcare powers, allows individuals to tailor the document to their specific needs and circumstances. Consulting an attorney familiar with Arizona law is highly recommended ensuring compliance and effectiveness when creating a General Power of Attorney.
