Planning for unforeseen events is essential because we can never predict what lies ahead. When creating one’s estate plan, one of the most important aspects is to grant another party a power of attorney. Doing so ensures that someone you trust can make decisions on your behalf, providing peace of mind for yourself and your loved ones. There may be situations where an individual cannot act on their behalf and needs a trusted loved one to act for them. Sometimes, this may be due to 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 develop a power of attorney, contact JDKatz today.
What Is A Power of Attorney?
When an individual cannot act on their behalf for many different reasons, a power of attorney can significantly help. This legal document grants power to a trusted individual, known as the “agent,” who can act on behalf of someone else. This arrangement ensures that someone you trust can make necessary decisions when you cannot. The agent can be anyone the individual trusts enough to handle their affairs, such as a family member, friend, or business entity.
Depending on what is agreed upon in the document, a power of attorney can handle various matters, including finances, making health decisions, signing off on real estate or business matters, and more. Choosing the right agent is critical, as they will have significant authority and access to sensitive information. Therefore, selecting an agent that can be wholly trusted is crucial, as they may have access to some of your greatest assets.
Types of Power of Attorney in Maryland
Maryland allows for three types of power of attorney, depending on which one works best for each situation. The power of attorney options in Maryland is as follows:
- General Power of Attorney: This option allows an individual to grant the agent power of attorney over financial matters, including personal or business transactions.
- Limited Power of Attorney: This allows an individual to grant authority to an agent for one specific transaction or transaction for a predetermined period.
- Durable Power of Attorney: This option allows an agent to decide if the individual becomes incapacitated. This type is essential for individuals who want to ensure that decisions can still be made if they cannot express their wishes.
Why Should I Have a Power of Attorney?
Power of attorney provides several benefits to an individual, regardless of age. While many people like to have a power of attorney secured if they become incapacitated, it is also important to consider creating this document for other situations. 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. Additionally, having a power of attorney can expedite decision-making in critical moments, such as during medical emergencies, allowing for timely interventions without delays.
When making these arrangements, consider who would best represent your interests and make decisions based on your values. Discussing these plans with family members is beneficial to ensure understanding and harmony about your wishes. This proactive approach can prevent misunderstandings or disputes later, ensuring your intentions are respected.
Contact a Maryland Elder Law Attorney
When planning one’s estate, it is important not to overlook a power of attorney. This tool can be beneficial, whether for a specific upcoming event or just in preparation for the unknown. An experienced estate planning attorney at JDKatz can guide you through understanding a power of attorney and executing the document. We are here to answer all your questions, ensuring you feel confident in your decisions regarding your estate plan. Contact us today.