Maryland Durable Power of Attorney (Financial)

Last Updated: 5/20/2015

Document Description

A financial power of attorney is an estate planning document that gives control over your finances during a time period that you determine. Your power of attorney can be effective immediately or once you are unable to make decisions on your own due to terminal illness or injury. This document allows the principal, or the creator of the form, to designate an attorney-in-fact. The attorney-in-fact does not have to be an actual lawyer, just someone you trust to make decisions regarding your financial well-being if ever you are incapable.

There is flexibility in formulating your financial power of attorney. Many couples produce forms like these to give one spouse control over finances when the principal is away for an extended period of time. You have two choices when creating this document: you can elect to make it effective at once, or for it to take effect when and if you become incapacitated. If you decide for the power of attorney to take effect immediately, you should be sure to note when and if it will end.

A financial power of attorney can contain many different guidelines regarding the principal’s fiscal life. The principal can state if the attorney-in-fact can control bank accounts, assets, and even if the agent is able to give monetary gifts to spouses or other family members. This form does have limits and is only valid while the principal is alive. It should not contain funeral arrangements or decisions for after death. In order to make arrangements after your death, you can use one of our will or estate planning documents.

Your Maryland Financial Power of Attorney should be kept in a secure place, but one that is also easily accessible to those who may need it. It is a good idea to give a copy to the attorney-in-fact as well as your lawyer. You may also keep an executed copy of your financial power of attorney in your ezEstatePlanner Vault. In your vault, you are able to keep copies of all your estate planning documents in one secure place.

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