What is a durable power of attorney?

A durable power of attorney is a legal document that grants authority to someone else to act on your behalf. This document is often used in estate planning in Maryland, as it allows an individual to give another person the power to manage their finances and legal matters if they become unable to do so themselves. The durable power of attorney is a versatile document with a variety of uses. For example, it can be used to grant someone the power to manage your property, to make investments, or to pay your bills. You can also allow the person to make medical decisions on your behalf. Creating a durable power of attorney document is an important part of estate planning in Maryland. When drafting the document, someone should make sure to include specific instructions regarding the power being granted to the other person, and should be sure to list what that power does or does not include. It is important to choose the person you grant power of attorney to carefully, as they will have a great deal of control over your finances and legal decisions. In Maryland, to use the durable power of attorney document, both the person granting the power and the person receiving the power must sign the document in the presence of a notary. The document must then be filed with the circuit courts clerk for it to be valid.

Related FAQs

Should I hire a lawyer to help with my estate planning?
Who should be included in an estate plan?
What is a gifting program and how does it work?
What is the difference between a living trust and a testamentary trust?
How can I transfer real estate without probate?
What happens if I die without a trust?
What is a beneficiary designation and how does it work?
What should I do if I find a mistake in my estate documents?
What are the estate planning laws in my state?
What happens to my estate if I die intestate?

What is a durable power of attorney?

Related FAQs

Related Blog Posts