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For most people, the best option is to have a general durable power of attorney because it gives your agent broad powers that will remain in effect if you lose the ability to handle your own finances. An attorney can customize a general POA to limit powers even more?or add powers, Berkley says.
The POA must be signed by the principal (or someone the principal directs to sign on their behalf, in the principal's presence). The POA must be signed in the physical or electronic presence (i.e., able to communicate in real time) of at least two adult witnesses. Maryland General Assembly.
The POA cannot transfer the responsibility to another Agent at any time. The POA cannot make any legal or financial decisions after the death of the Principal, at which point the Executor of the Estate would take over. The POA cannot distribute inheritances or transfer assets after the death of the Principal.
As mentioned above, a valid power of attorney must be executed in the presence of two witnesses and a notary public.
You can appoint someone to make medical decisions for you by completing the Maryland Advance Directive Form. Two witnesses must co-sign the form. The form does not need to be notarized. You or your agent are responsible for notifying your health care provider that you have an Advance Directive.
Statutes Text §17?105. (a) In this section, ?durable power of attorney? means a power of attorney by which a principal designates another as an attorney in fact or agent and the authority is exercisable notwithstanding the principal's subsequent disability or incapacity.
Use the Maryland Power of Attorney Form to give another person the authority to manage your property while you are still alive. In this form, you are the principal and the person you give authority to is called the agent. The agent can do anything with your property that is stated in the power of attorney.
For your POA to be valid in Maryland, it must meet certain requirements. Mental Capacity for Creating a POA. ... Notarization and Witnessing Requirement. ... Create the POA Using a Statutory Form, Software, or Attorney. ... Sign the POA in the Presence of a Notary Public and Witnesses. ... Store the Original POA in a Safe Place.