A power of attorney is a powerful legal document that can grant someone the authority to manage your financial, medical and legal affairs. Therefore, there are certain things that you, the principal or grantor of the decision-making power, needs to be aware of before signing a power of attorney.
What can and cannot a power of attorney do?
While a power of attorney allows a trusted individual to manage your financial, legal and medical affairs, they cannot create or change your will, vote on your behalf or use your assets for personal gain. Your agent or attorney-in-fact is legally required to act strictly in your best interests.
Things to remember
Before signing a power of attorney, look for the essential requirements such as:
- Use the official Maryland statutory form
- Make sure you have two independent witnesses
- Designate a successor agent if the primary agent cannot serve
- Define whether your agent will receive compensation
- Confirm the automatic durability of the document, in case you become incapacitated
By verifying these steps, you can feel confident that your affairs remain secure in trusted hands without any administrative delays. The process can be complex. Therefore, seeking legal advice can help in avoiding costly mistakes.
Safeguard your future
Powers of attorney are only effective when they align with Maryland statutory requirements. If they don’t, you and your loved ones can face considerable obstacles during an already stressful time of crisis. Seeking legal guidance may also help to safeguard your assets and bring peace of mind before signing.