Agent's Acknowledgment, Generally
An Agent's Acknowledgment* is the agent's
signed agreement to:
1. Exercise the powers for the
principal's benefit.
2. Keep the principal's assets separate from the agent's assets.
3. Exercise reasonable caution and prudence when acting.
4. Keep full and accurate records of all actions performed and of all income
and expenses relating to the principal.
A properly executed Agent's Acknowledgment must be attached to every
power of attorney made in
Pennsylvania after April 12, 2000. A power of attorney that does not have an
Agent's Acknowledgment is invalid and does not grant the agent any authority
to act. An exception is made for powers of attorney limited strictly
to health care or commercial transactions, which do not require an
Acknowledgment. However, attaching an Agent's Acknowledgment to one of these
documents does not invalidate it.
See: Notice To Principal,
Generally;
Agent, Role and Duties;
Agent, Eligibility
*The term "Acknowledgement" is typically spelled without an "e" when used in
legal documents.
