Powers Of Attorney Forms Pack (Page 3 of 9) in pdf

Powers Of Attorney Forms Pack Page 3

acknowledge that in the absence of a specific provision to the contrary in

the power of attorney or in 20 Pa.C.S. when I act as agent:

I shall exercise the powers for the benefit of the principal.

I shall keep the assets of the principal separate from my assets.

I shall exercise reasonable caution and prudence.

I shall keep a full and accurate record of all actions, receipts and

disbursements on behalf of the principal..

_____________(Agent)_________ ____________(Date)____

(e) Fiduciary relationship.--An agent acting under a power of attorney has a fiduciary

relationship with the principal. In the absence of a specific provision to the contrary in the

power of attorney, the fiduciary relationship includes the duty to:

1. Exercise the powers for the benefit of the principal.

2. Keep separate the assets of the principal from those of an agent.

3. Exercise reasonable caution and prudence.

4. Keep a full and accurate record of all actions, receipts and disbursements on

behalf of the principal.

(f) Definition.--As used in this chapter, the term "agent" means a person designated by a

principal in a power of attorney to act on behalf of that principal.

§ 5601.1. Powers of attorney presumed durable.

Unless specifically provided otherwise in the power of attorney, all powers of attorney

shall be durable as provided in section 5604 (durable powers of attorney).

§ 5601.2. Special rules for gifts.

(a) General rule.--A principal may empower an agent to make a gift in a power of

attorney only as provided in this section.

(b) Limited gifts.--A principal may authorize an agent to make a limited gift as defined

under section 5603(a)(2) (relating to implementation of power of attorney) by the

inclusion of:

1. the language quoted in section 5602(a)(1) (relating to form of power of attorney);

2. other language showing a similar intent on the part of the principal to empower

the agent to make a limited gift.

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