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A Power of Attorney is a legal document that allows you to appoint an agent to manage financial and legal matters on your behalf. This authority can be broad or limited, depending on how the document is written, and may include paying bills, managing bank accounts, handling investments, filing taxes, and making certain asset protection decisions under legal guidance.
In Maryland, this document must meet strict statutory requirements to be effective. When properly drafted, a Power of Attorney allows your agent to act without court involvement, helping avoid the costly and intrusive process of guardianship if you become incapacitated.
A Power of Attorney is one of the most powerful tools in an estate plan because it functions during your lifetime, often when help is needed most. Without it, even close family members may be unable to access accounts or manage essential financial tasks, forcing court intervention.
A well-crafted Power of Attorney ensures continuity, protects your privacy, and allows trusted individuals to act quickly and responsibly in your best interest. Because laws change, it is also important that this document remains current and compliant with Maryland requirements.
Can my Power of Attorney make medical decisions for me?
No. In Maryland, a Power of Attorney applies only to financial and legal matters. Medical decisions require an Advance Medical Directive.
What does “durable” mean in a Durable Power of Attorney?
“Durable” means the document remains effective if you become incapacitated. Without durability, the Power of Attorney may automatically terminate, requiring a guardianship proceeding.
When does my Power of Attorney become effective?
Most Durable Powers of Attorney become effective immediately upon signing. While this authority exists right away, agents typically act only when needed.
What duties does my agent have?
Your agent is a fiduciary and must act in your best interest, handle your affairs responsibly, and keep your finances separate from their own.
How long does a Power of Attorney remain in effect?
The document remains effective until you revoke it or until your death. After death, authority transfers to the personal representative or trustee handling your estate.
Can I revoke or update my Power of Attorney?
Yes. As long as you are competent, you may revoke or replace your Power of Attorney at any time. Proper notice must be given to the agent and any institutions relying on the document.
