A Power of Attorney creates a legal relationship between the principal and the agent. By agreeing to act as a Power of Attorney, the agent agrees to act in accordance with the principal’s instructions, or if there are no instructions, to act in the best interest of the principal. The agent will be responsible for carrying on many financial transactions for the principal, including signing checks, deeds and contracts.
It is important for the agent to act responsibly and keep records of all transactions conducted for the principal by properly keeping record of receipts, payments and transactions.
As noted above, an agent acting as Power of Attorney will be signing numerous documents on behalf of the principal. It is important for an agent to disclose his identity as agent when acting on behalf of the principal. Therefore, whenever the agent acts for the principal, he should identify himself as agent and identify that he is acting for the principal.
The agent can accomplish this by writing the following whenever he is acting on behalf of the principal:
(Agent’s signature) acting as Agent for (Principal’s name) or
(Prinicipal’s name) by (Agent’s signature) as Agent.
See illustration 1.
If you can’t tell the agent’s name from the signature, it might be better to pre-print, as in illustration 2.
If you need assistance with your Power of Attorney, call the Law Offices of Albert Gurevich at (212) 233-1233.