Wednesday, May 13, 2015

How Do I Use a Power of Attorney for Mom or Dad?

You or your parent should give a notarized copy of the power of attorney to each bank or financial institution where mom or dad wants you to have authority. It is possible that if mom or dad wants you to have access to their accounts, the bank or financial institution may require them to sign their own authorization form and a signature card for you as their agent. Checking with the banks and financial institutions about their requirements before mom or dad’s health declines will help to avoid future difficulty in using the power of attorney.

When you sign as an agent on your parent’s behalf, it should always be clear that you are signing as the agent. The signature should look similar to this:

__________ (Your parent’s name) by __________(Agent's name), agent for _________(Your parent’s name).

This signature or something similar indicating you are acting as an agent is preferable because it will be clear that you are signing on your parent’s behalf only and you will not be liable for the transaction.
Written by Heather W. Winter, Esquire