What is a durable financial power of attorney?

A durable financial power of attorney (POA) in Maryland is a legal document that gives an individual or entity the authority to act on someone else’s behalf with regard to their finances. It can be used to handle matters like banking transactions, investing, collecting benefits or pensions, filing tax returns, and managing property and real estate. The POA is durable specifically because it will remain in effect even if the person who created it becomes mentally incapacitated or otherwise incapable of making their own decisions. This can be especially important if the person is unable to handle their own finances due to a disability or illness. In Maryland, POAs must be in writing and signed in front of a notary public, and must include the powers of the individual and the signer’s name, address, and date of birth. It is strongly advised the person receiving the authority to manage the finances obtain independent legal advice when creating a POA. It is also important to remember the POA can be revoked or changed at any time by the person granting it. In conclusion, a durable financial power of attorney in Maryland is a legal document that gives an individual or entity the authority to act on someone else’s behalf, and is especially useful for those who cannot handle their own finances due to disability or illness. It is important to ensure the POA is constructed correctly and legally sound before enacting it.

Related FAQs

What legal documents will I need to establish my estate plan?
What is an estate plan disclosure statement?
What is the difference between a living trust and a testamentary trust?
Should I name my estate as the beneficiary of my life insurance policy?
How can I ensure that my wishes are carried out after my death?
What are the tax implications of estate planning?
How do I transfer a business after I die?
What is an advance health care directive?
What happens if I don't have an estate plan?
What are the different types of trusts and how do they work?

What is a durable financial power of attorney?

Related FAQs

Related Blog Posts