A durable financial power of attorney is a legal document in which you name somebody to make decisions about your financial affairs in the event that you become incapacitated.
Maryland courts recognize and enforce all properly executed powers of attorney.
But Maryland has a statutory financial power of attorney that has a number of practical advantages. For starters most banks and other third parties are familiar with the statutory power of attorney, and, so, more likely to honor it timely and with less difficulty.
What’s more, Maryland’s statutory financial power of attorney is easy to read, there’s not a lot of legalese to it. And it’s flexible: it includes a blank “special instructions” section. And what you can do is use the statutory form as a starting point, and, then, in the special instructions section add additional helpful wording. For example you might include instructions that authorize the POA to conduct financial planning (including Medicaid planning) for nursing homes and other long-term care, and establish trusts (including special needs trusts) for the benefit of disabled persons.
A lawyer definitely should draft your financial power of attorney to make sure that it is worded in a way that most appropriately addresses your needs and goals.
The Law Office of Henry Nash is knowledgeable about powers of attorney. If you have any questions or concerns about durable financial powers of attorney and want to discuss with an experienced elder law, disability law, and estates & trusts lawyer, please feel free to contact us. We are located in Rockville and serve clients throughout Montgomery County and elsewhere in Maryland.
See our articles about power of attorney.