Fillable Durable Power of Attorney Document for Maryland State

The Maryland Durable Power of Attorney form is a legally binding document that permits an individual, known as the principal, to designate another person, referred to as the agent, to manage their financial affairs. This arrangement becomes critically important if the principal becomes incapacitated and unable to make decisions independently. For those interested in ensuring their financial matters are handled according to their wishes, even in unforeseen circumstances, completing this form is a proactive step worth considering.

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When planning for the future, it's crucial to consider who will make decisions on your behalf if a time comes when you're unable to do so yourself. The Maryland Durable Power of Attorney form serves as a legal document designed to empower someone you trust to manage your financial affairs, ranging from paying your bills to handling your investments, in case you become incapacitated. This form is unique because it remains in effect even if you lose mental capacity, distinguishing it from other types of power of attorney that become null and void under such circumstances. Understanding how to properly fill out and execute this document is essential, as it requires notarization and, in some cases, the inclusion of specific terms to ensure your wishes are precisely followed. While the form lays a solid foundation for future planning, it's always recommended to consult with a legal professional to ensure it aligns with your individual needs and complies with Maryland state law, providing peace of mind that your affairs will be handled as you see fit.

Contents

Maryland Durable Power of Attorney Example

Maryland Durable Power of Attorney

This Durable Power of Attorney is established pursuant to the Maryland General and Limited Power of Attorney Act, allowing an individual (hereinafter referred to as the "Principal") to appoint another person (referred to as the "Agent") to make decisions on their behalf. This document remains effective even if the Principal becomes disabled or incapacitated.

Principal's Information:

Full Name: ________________________
Address: __________________________
City: _____________________________
State: Maryland
Zip Code: ________________________
Phone Number: ____________________

Agent's Information:

Full Name: ________________________
Address: __________________________
City: _____________________________
State: ___________________________
Zip Code: ________________________
Phone Number: ____________________

This Power of Attorney grants the Agent the authority to act on the Principal’s behalf concerning the following matters:

Real Property Transactions
Tangible Personal Property Transactions
Stock and Bond Transactions
Commodity and Option Transactions
Banking and Other Financial Institution Transactions
Business Operating Transactions
Insurance and Annuity Transactions
Estate, Trust, and Other Beneficiary Transactions
Claims and Litigation
Personal and Family Maintenance
Benefits from Social Security, Medicare, Medicaid, or other governmental programs, or military service
Retirement Plan Transactions
Tax Matters

Effective Date and Durability:

This Power of Attorney shall become effective immediately upon execution and shall remain effective indefinitely unless revoked by the Principal or until the Principal's death.

Signature of Principal: ___________________________

Date: _________________________

Signature of Agent: _______________________________

Date: _________________________

Acknowledgment by Notary Public

State of Maryland )
County of _________ )

On this, the __ day of __________, 20__, before me, the undersigned notary public, personally appeared _________________, known to me (or satisfactorily proven) to be the person whose name is subscribed to the within instrument and acknowledged that he/she executed the same for the purposes therein contained.

In witness whereof, I hereunto set my hand and official seal.

_____________________________
Notary Public

My Commission Expires: ___________

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Form Overview

Fact Number	Description
1	The Maryland Durable Power of Attorney form allows an individual to appoint someone else to manage their financial affairs.
2	This form remains in effect even if the principal becomes incapacitated, hence the term "durable".
3	The person appointed is referred to as the "agent" while the individual who appoints them is known as the "principal".
4	It is governed by the Maryland General and Limited Power of Attorney Act, specifically within the Estates & Trusts section of the Maryland Code.
5	The document must be signed by the principal and witnessed by two adults, not including the appointed agent.
6	In addition to signatures, the form requires notarization to be legally valid and enforceable in Maryland.
7	Agents are granted broad powers that can include handling financial transactions, real estate matters, and tax filings, among others.
8	The principal has the flexibility to specify limitations or specific powers in the document to tailor the agent's authority.
9	The document can be revoked by the principal at any time as long as they are mentally competent, by notifying the agent in writing.

Documents used along the form

When preparing for the future, it's wise to consider more than just a Durable Power of Attorney. This document is incredibly important as it allows someone you trust to manage your affairs if you're unable to do so. However, to ensure comprehensive coverage of your needs and wishes, there are several other forms and documents that should be considered in conjunction with the Durable Power of Attorney. Each serves a specific purpose, contributing to a well-rounded estate plan.

Advance Directive: This document outlines your preferences for medical treatment if you become unable to communicate your wishes due to illness or incapacity. It often includes a living will and a healthcare power of attorney.
Living Will: A type of advance directive that specifically addresses your desires concerning life-sustaining treatment. It comes into play if you are in a persistent vegetative state or terminally ill.
Healthcare Power of Attorney: Appoints a representative to make medical decisions on your behalf. This role becomes effective only if you're unable to make these decisions yourself.
Last Will and Testament: Specifies how you want your assets to be divided after your death. It also names an executor to manage your estate’s affairs.
Revocable Living Trust: Allows you to maintain control over your assets while alive, but ensures they are transferred to beneficiaries without the need for probate upon your death.
HIPAA Authorization Form: Gives designated individuals the ability to access your medical records, ensuring your healthcare agent can make informed decisions about your treatment.
Financial Inventory: Although not a formal legal document, a comprehensive list of your financial accounts and assets can be invaluable for the person handling your affairs under a Durable Power of Attorney.

Having these documents in place alongside a Maryland Durable Power of Attorney provides a strong foundation for protecting your interests in various scenarios. It’s a thoughtful approach to planning that ensures your wishes are respected and your loved ones are cared for, even when you're not able to take action yourself. Consulting with a legal professional can help ensure that each document is properly executed and appropriate for your specific circumstance.

Consider Some Other Durable Power of Attorney Templates for Specific States

Missouri Financial Power of Attorney - Provide for continuous financial management with a Durable Power of Attorney, safeguarding your assets and obligations.

Power of Attorney Vermont - Offers an empowering way to choose who controls your financial outcomes if you can't.