Taking the time to address the potential physical and mental problems that could befall an individual in life could be a smart move to make. If a Maryland resident wants to prepare for the possibility of incapacitation, creating the applicable power of attorney documents may be a good place to start. Depending on the circumstances, different type of documents may be needed.
If an individual wishes to make a power of attorney appointment, that person is known as the principal. The person being appointed is known as the agent. The principal can appoint a financial agent and/or health care agent. If the individual wants an agent to only have decision-making capabilities when it comes to financial matters, there is a power of attorney document for that appointment. A separate document is needed for a separate health care agent, but one agent could be appointed to handle both areas.
These agents may have varying duties and abilities depending on how the documents are worded. These powers could be temporary or permanent. Therefore, the principal will likely wish to take care when it comes to making appointments and granting powers.
If Maryland residents wish to appoint their own power of attorney agents but are uncertain about how to do so, they may benefit by seeking assistance. Experienced estate planning attorneys are available for interested parties who want to discuss their concerns. Such legal assistance may also be useful when it comes to ensuring that the wording of these documents reflect the true wishes of the principal.
Source: tulsaworld.com, “Expert Advice: “What is a Power of Attorney?”“, Amy Beth Dobbins, Aug. 23, 2016