Are you thinking about putting together a power of attorney in Maryland? Or have you been advised by someone that this is an important document to help protect your future? A power of attorney within the state of Maryland can be either limited or general in nature and it is important to know which of these applies to you so that you can make an educated decision in sitting down with your estate planning lawyer. A limited power of attorney restricts the capabilities of the power of attorney agent to those that are only specifically outlined in the document.
This can be limited by time or by the scope of powers that the agent receives and is often used to give an agent the specific power to manage real estate and financial matters or make health care decisions for the principal person creating the power of attorney when that party becomes unable to make decisions on their own. It is recommended that if you intend to pursue the route of a limited power of attorney, that you define these powers as specifically as possible.
This helps to ensure that the person who is appointed as the agent can honor the power of attorney. You can only create a power of attorney in the state of Maryland if you are at least 18 years old, intend to give the powers to the person listed in the document and are mentally competent at the time.
A power of attorney can go into effect as soon as the principal signs the document unless you choose a springing power of attorney, which means the agent receives the power to act only after a certain triggering event. Schedule a consultation with a Maryland lawyer today to learn more.