Baltimore Estate Planning Attorney: Maryland General and Limited Power of Attorney Act

Having a Durable Power of Attorney for Finances (DPAF), also called a Financial Power of Attorney, Durable Power of Attorney, or simply a Power of Attorney—allows an individual to act on your behalf in the event you become incapacitated. Having a DPAF is an important document if you own property or have income, investments, or expenses in your name.

For a free, confidential conversation to discuss these and other estate planning matters, contact Maryland estate planning attorney Stephen J. Reichert at 410-299-4959, sreichert@reichertlegal.com or by clicking here.

House Bill 659, Maryland’s General and Limited Power of Attorney Act (“2010 POA Act”) became effective October 1, 2010. While generally modeled after the Uniform Power of Attorney Act, it contains provisions unique to Maryland law.

The Act provides that a person or bank, insurance company, brokerage firm, etc., may not refuse to accept an acknowledged statutory form financial power of attorney. If a person refuses to accept a statutory form or a power of attorney in “substantially the same form” as one of the statutory forms, such person may be ordered by a Court to accept such form.

The 2010 POA Act provides two statutory form financial powers of attorney: a “Personal Financial Power of Attorney” and a “Limited Power of Attorney.” The Personal Financial Power of Attorney is not a general power of attorney and can be used in certain circumstances only. The Limited Power of Attorney, if all of the powers contained in the law are given, grants more comprehensive powers than the Personal Financial Power of Attorney. Additional powers, to fit your needs, can be given to agents in both statutory forms.

No Two Situations Are Identical

No one should accept a one-size-fits-all or “form” power of attorney. For example, it’s possible that you’ll want your agent to act on your behalf in certain financial matters but not others. In that instance, the Law Office of Stephen J. Reichert, LLC can create a legally binding power of attorney that satisfies specific concerns.

By creating a thoughtful, custom-made, power of attorney with the guidance of an experienced attorney, you will have a document that meets your personal needs and ensures that you are protected in the event of incapacitation.

For a free, confidential conversation to discuss these and other estate planning matters, contact Maryland estate planning attorney Stephen J. Reichert at 410-299-4959, sreichert@reichertlegal.com or by clicking here.