Life is full of surprises, which just cannot be predicted. At any moment a person in Maryland or any other state can be involved in a serious accident and be left incapacitated. Along with the obvious physical challenges and emotional difficulties for loved ones, there are also financial concerns regarding who will be in charge of one's funds and assets while one is incapacitated and unable to make decisions for himself or herself. This is why having a power of attorney document in place is essential.
There are several options to choose from when choosing what type of power of attorney document one elects to create. One has the ability to decide how much power one's attorney-in-fact will have over one's financial affairs. A person has the option of naming more than one attorney-in-fact. It is important to make sure one's bank has a power of attorney document on file.
Another aspect which should be considered is to make sure the power of attorney document is up-to-date to reflect any major life changes or circumstance. For instance, if one's attorney-in-fact decides to relocate, one may wish to select somebody who would be more able to handle one's affairs in the case of incapacitation. Also revised copies of power of attorney documents should be given to one's bank.
When drafting a power of attorney document in Maryland, one must be aware of the proper way to do so – particularly since making a mistake can keep the document from being legally enforceable. Careful attention must be given to how the language is crafted in the document. Additionally, knowledge of applicable laws and local procedures will also be helpful.
Source: starpress.com, "Power of attorney a useful tool," Starr Manning, June 19, 2013