Power of Attorney
For Maryland Residents ONLY
Avoid the chaos of the unexpected.
What is a Power of Attorney (POA)?
A Power of Attorney is the grant of authorization to act on someone else’s behalf in a legal or business matter. The person authorizing the action is deemed the Principal (grantor), and the person authorized to act is the Agent (Attorney-in-Fact, or any competent adult). It is the creation of a fiduciary relationship between an Agent and a Principal, where the Agent must be completely honest and loyal to the wishes of the Principal in their dealings. A POA normally ends when the Principal dies; however, a POA can end upon the Principal’s choosing.
What does a POA do?
A POA allows an individual who may be elderly, sick, planning to be out of state or the country, or otherwise unable to act on their own behalf to authorize another to act in their best interests concerning their property, finances and business transactions.
Should I execute a POA?
If any of the above examples apply to your situation, you should execute a POA. Additionally, if any of the above situations were to occur, your family members would have to proceed to court in order to gain permission so that they could act on your behalf to carry out specific transactions. An executed statutory POA will hold up in Court, and in the long run it will save you and your family time and money.
Can I revoke a POA?
A POA can be revoked at any time, and the POA should clearly provide in its language that the Principal may revoke it.
What types of things can a POA cover?
A POA can cover a wide variety of things, mainly dealings with property and finances. The principal may give the agent the authority to act on their behalf concerning the following:
Real property
Tangible personal property
Stocks & Bonds
Commodities & options
Banking & other Financial institutions
Business operating transactions
Insurance & Annuities
Estate, trust & other beneficiary transactions
Claims & Litigation
Personal & Family Maintenance
Benefits from Social Security, Medicare, Medicaid, or other Government programs or Military service
Retirement plans
Tax matters
What are the differences between a general, limited and durable POA?
A general POA gives the Agent the full power to act on behalf of the Principal and is effective upon signature, or at a designated time and will remain effective until the Principal dies or becomes incapacitated, disabled or incompetent.
A limited POA may only encompass certain types of transactions and/or may be limited in duration. It may involve the selling of real estate, the closing of a bank account, or it may be valid for the time that you are on vacation outside of the country, etc.
A durable POA is effective upon signature or at a designated time and will continue to be effective if the Principal becomes incapacitated, disabled or incompetent.
Life is full of unexpected events, so why not have the necessary documents in place in case something were to occur. Having an executed POA in these current times is a protection that no one should be without.
I've known Kellie Lego for years due to her extensive volunteer work in our community. I'd always thought of her as an immigration attorney, but was really happy to learn that she should help me re-align my personal papers. Kellie sent me a comprehensive, but easy to manage outline... it covered every question and concern I could have had in advance. Once completed she sent a draft for review and shortly after that met with me to sign the final copies. I was really impressed with her attention and understanding and would highly recommend Kellie and MVP Law Group for this service to any of my friends!
— AJ
