If tackling that morbid and decidedly not fun subject of estate planning was part of your New Year’s Resolution (like it was mine), I thought it would be valuable to break down the three “must have” estate planning documents in Maryland. Although it is possible to create versions of these documents without legal assistance, it is strongly recommended that an attorney with estate planning expertise be consulted.Read More
What is a power of attorney? A power of attorney is a legal document in which the person executing the document (the grantor or principal) grants to another person (the attorney-in-fact or agent) the legal authority to take certain actions on his or her behalf.
In Maryland there are two types of powers of attorney: a Financial Power of Attorney and a Limited Power of Attorney. Effective October 1, 2010, the State of Maryland put easy-to-use forms for the Financial Power of Attorney (Section 17-202, Estates and Trusts Article, Maryland Code) and the Limited Power of Attorney (Section 17-203, Estates and Trusts Article, Maryland Code) into Maryland law. Prior to that time, attorneys personally drafted forms of the documents. Now that the preferred forms are found in State law, many institutions such as banks will only take a power of attorney that follows this statutory format. Therefore, if you have a power of attorney executed before October 1, 2010, you may want to have an attorney review your power of attorney and update it if needed.Read More