We use cookies to improve security, personalize the user experience,
enhance our marketing activities (including cooperating with our marketing partners) and for other
business use.
Click "here" to read our Cookie Policy.
By clicking "Accept" you agree to the use of cookies. Read less
Understanding the Role and Definition of a Universal Agent
Definition & Meaning
A universal agent is a person who has the authority to act on behalf of another person, known as the principal, in all matters of business. This authority allows the universal agent to perform any action that the principal is legally allowed to do. Typically, a universal agent is appointed through a power of attorney, which grants them broad powers to manage the principal's affairs.
While a principal can have only one universal agent, they may also designate general agents for specific areas of business and special agents for particular tasks as needed. Universal agencies are uncommon, with most relationships involving general or special agencies.
Table of content
Legal Use & context
Universal agents are primarily relevant in the context of agency law, which governs the relationship between principals and agents. This term is often used in various legal areas, including:
Business transactions
Real estate dealings
Financial management
Individuals can manage their legal affairs more effectively by utilizing templates and forms from US Legal Forms, which are drafted by qualified attorneys to ensure compliance with legal standards.
Key legal elements
Real-world examples
Here are a couple of examples of abatement:
Example 1: A business owner designates their trusted employee as a universal agent to handle all business transactions, including signing contracts and managing finances.
Example 2: A parent appoints a family member as a universal agent to manage their affairs while they are out of the country, allowing that person to make decisions on their behalf. (hypothetical example)
State-by-state differences
Examples of state differences (not exhaustive):
State
Universal Agency Regulations
California
Allows broad powers under a power of attorney, but specific limitations can be set.
New York
Recognizes universal agents but requires clear documentation of authority.
This is not a complete list. State laws vary, and users should consult local rules for specific guidance.
Comparison with related terms
Term
Definition
General Agent
Has authority to act on behalf of the principal in a specific area of business.
Special Agent
Authorized to perform a specific task or transaction for the principal.
Common misunderstandings
What to do if this term applies to you
If you believe you need a universal agent, consider the following steps:
Consult with a legal professional to understand the implications of appointing a universal agent.
Draft a power of attorney that clearly outlines the agent's authority.
Explore US Legal Forms for templates that can help you create the necessary documents.
For complex situations, seeking professional legal assistance is recommended.
Find the legal form that fits your case
Browse our library of 85,000+ state-specific legal templates.