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

How can I protect my assets from creditors?
What is an estate inventory and why should I create one?
Is estate planning expensive?
How can I transfer real estate without probate?
What is the purpose of estate planning?
How can I plan for the future of my minor children after I die?
What is a Living Will and how does it work?
What is a trust protector and what does it do?
What steps should I take to make sure my estate plan is properly executed?
What is a durable financial power of attorney?

What is a durable financial power of attorney?

Related FAQs

Related Blog Posts