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Maryland Estate Planning: Validity of Powers of Attorney and the Maryland General and Limited Power of Attorney Act

Power of AttorneyIs a bank or institution refusing to recognize your Power of Attorney?

In a previous post I discussed the importance of having a Durable Power of Attorney for Finances (DPAF). But what do you do if someone refuses to recognize your DPAF?

In 2010, the Maryland General and Limited Power of Attorney Act (the Act) created new rules regarding the validity and enforceability of DPAF and Limited Powers of Attorney (LPA). In summary, the Act provides that the DPAF and LPA, when properly structured, are enforceable and allow the Agent or other interested parties to petition the court for an order requiring the uncooperative bank or institution to recognize the Power of Attorney.

If you have not created a Power of Attorney that will allow someone to act on your behalf during such situations as incapacitation, or if a bank or institution is refusing to recognize an existing Power of Attorney, contact Maryland estate planning attorney Stephen J. Reichert at 410-299-4959, or by clicking here. The consultation is free and confidential, and can be conducted in office or at your home, throughout most of Maryland.