POA Attorney in Bethesda, Maryland
Planning for unforeseen events that may arise years down the road is important because we never really know what lies ahead. When it comes time to create one’s estate plan, one of the most important aspects is to grant another party the power of attorney. There may be situations that arise in which an individual is not able to act on his or her own behalf and needs a trusted loved one to act for them. Sometimes, this may be due to an incapacitation, while other times, the individual is simply out of the state or country for a long time. Regardless of the situation, creating a power of attorney is very important and should be considered. If you need the services of an experienced legal team to help create a power of attorney, contact JD Katz today.
What is a power of attorney?
When an individual cannot act on their own behalf for a number of different reasons, a power of attorney can be of great help. This is a legal document that grants power to a trusted individual, known as the “agent,” who can act on behalf of someone else. The agent can be anyone that the individual trusts enough to handle their affairs, such as a family member, friend, or even a business entity. Depending on what is agreed upon in the document, the power of attorney can handle a variety of matters, including handling finances, making health decisions, signing off on real estate or business matters, and more. Therefore, it is crucial to only choose an agent that can be completely trusted, as they may have access to some of your greatest assets.
Types of Power of Attorney in Maryland
The state of Maryland allows for three different types of power of attorney, depending on which one works best for each particular situation. The power of attorney options in Maryland are as follows:
- General Power of Attorney- This option allows an individual to grant the agent power of attorney over financial matters that can be for both personal or business transactions.
- Limited Power of Attorney- This allows an individual to grant authority to an agent for one specific transaction, or for transactions for a predetermined period of time.
- Durable Power of Attorney- This option allows an agent to make decisions in the event that the individual becomes incapacitated.
Why should I have a power of attorney?
Power of attorney provides a number of benefits to an individual, regardless of their age. While many people like to have a power of attorney secured in the event that they become incapacitated, it is also important to consider this creating this document for other situations as well. Married couples that spend a lot of time apart due to employment demands should also consider this document, as they may need to act on behalf of their spouse.
Contact a Maryland Elder Law Attorney
When it comes time to plan one’s estate, it is important not to overlook a power of attorney. This can be a very helpful tool, whether it is for a specific upcoming event or just in preparation for the unknown. An experienced estate planning attorney at JD Katz can guide you through the process of understanding a power of attorney and executing the document. Contact us today.
