Michigan Attorney-in-Fact Acknowledgement
I, ____________________, have been appointed as attorney-in-fact
for ________________________, the principal, under a durable
power of attorney dated __________. By signing this document, I
acknowledge that if and when I act as attorney-in-fact, all of the
following apply:
(a) Except as provided in the durable power of attorney, I must act in
accordance with the standards of care applicable to fiduciaries acting
under durable powers of attorney.
(b) I must take reasonable steps to follow the instructions of the
principal.
(c) Upon request of the principal, I must keep the principal informed of
my actions. I must provide an accounting to the principal upon request
of the principal, to a guardian or conservator appointed on behalf of
the principal upon the request of that guardian or conservator, or
pursuant to judicial order.
(d) I cannot make a gift from the principal's property, unless provided
for in the durable power of attorney or by judicial order.
(e) Unless provided in the durable power of attorney or by judicial
order, I, while acting as attorney-in-fact, shall not create an account or
other asset in joint tenancy between the principal and me.
(f) I must maintain records of my transactions as attorney-in-fact,
including receipts, disbursements, and investments.
(g) I may be liable for any damage or loss to the principal, and may be
subject to any other available remedy, for breach of fiduciary duty
owed to the principal. In the durable power of attorney, the principal
may exonerate me of any liability to the principal for breach of
fiduciary duty except for actions committed by me in bad faith or with
reckless indifference. An exoneration clause is not enforceable if
inserted as the result of my abuse of a fiduciary or confidential
relationship to the principal.
(h) I may be subject to civil or criminal penalties if I violate my duties
to the principal.
Signature: _______________________
Date: ______________________
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