Have you ever wondered what would happen in the unfortunate event that you became incapacitated? Who would make decisions on your behalf? Fortunately, there is an essential estate planning tool referred to as a power of attorney (POA). Many individuals overlook the importance of designating a POA when estate planning. However, that is a huge mistake. It is imperative to appoint a POA. This will ensure a trusted loved one has the legal authority to carry out your wishes in the unfortunate event that you can no longer make decisions for yourself. In the unfortunate event that you become incapacitated, you want to make sure your loved one can make decisions on your behalf about major decisions such as your health care and finances. If you are interested in designating a power of attorney, get in touch with our adept Montgomery County Power of Attorney Law Firm. Continue following along to learn more about the functions of a POA.
What is a power of attorney (POA) in Maryland?
A power of attorney (POA) is a legal document that is included in estate planning. A power of attorney is a written authorization that allows you to appoint a person to act in your place in the unfortunate event that you become incapacitated and cannot make decisions for yourself. Essentially, your POA will act on your behalf and has the authority to make decisions about your property, medical care, and finances. Different types of POA can be assigned. A general POA allows an individual to be granted power over financial matters. A limited POA gives an individual temporary authority over a certain matter. A durable POA allows an individual to make decisions in the event you become incapacitated. The decision to designate an individual as your POA is a huge decision and there are different options you can choose from. It is imperative to appoint someone that you fully trust, as this person will have the legal authority to make decisions on your behalf. In addition, it is important to understand that your POA is no longer able to execute decisions after you depart. Essentially, a POA loses the authority to make decisions on your behalf once you die.
Can I revoke my POA?
In Maryland, upon appointing a POA, you have full authority to terminate or revoke the delegation at any time. The revocation of a POA can only be done by filing Form 548 to change your representatives or alter the powers granted to them. By filling out this form, you can revoke any previously delegated power that has been issued such as their power over your healthcare directive, finances, and property. By filing Form 548 with the Comptroller of Maryland, you will be able to effectively revoke your POA. It is important to note however that a POA can only be revoked if you are mentally competent. If you are incapacitated you cannot revoke a POA.
In the unfortunate event that you become incapacitated, you want to ensure that someone you trust and who understands what you want has the authority to make decisions on your behalf. When estate planning, it is imperative to designate a POA. Contact one of our seasoned attorneys who can help you understand the functions of a POA.