Creating a power of attorney is one of the most important aspects of estate planning. Though the subject can be frightening, and may even seem like a cumbersome task, the truth is, with the help of an experienced Maryland estate planning attorney, it does not have to be. Please read on and reach out to our knowledgeable firm to learn more about how we can help.
What is the function of a power of attorney?
Powers of attorney are created to assist individuals with important life affairs that they can no longer handle on their own. For example, many sons and daughters will establish powers of attorney for their parents so they can make key life decisions on their behalf if they are unable to do so themselves. This allows many parents to have peace of mind knowing their children will take care of them and act as they would have intended. Additionally, this also gives family members of the incapacitated the peace of mind they need, knowing that their loved one is in good hands. In a power of attorney, the incapacitated is referred to as the principal, while the individual who acts on his or her behalf is considered the agent.
Types of Powers of Attorney
Some of the many types of powers of attorney available to individuals in Maryland are as follows:
- Durable powers of attorney: These become operative once the principal becomes incapacitated, and may extend for the rest of the principal’s life. These will give the agent full control over the principal’s most important life affairs.
- Non-durable powers of attorney: These only take effect for a certain amount of time and are only applied to specific transactions. If the principal becomes incapacitated and the transaction ends, so does the power of attorney.
- Springing powers of attorney: These powers of attorney will only begin once a triggering event occurs. They are either durable or non-durable, depending on the specific situation.
- Medical powers of attorney: These are one of the most significant powers of attorney, as they grant an agent the right to make important medical decisions on a principal’s behalf.
- Special powers of attorney: Special powers of attorney are reserved for individual decisions. For example, if you jointly own a business, you may establish a special power of attorney with your business partner so he or she can make important business-related decisions on your behalf, should you become incapacitated.
Contact our experienced Maryland firm
The attorneys at JD Katz have years of experience compassionately guiding clients in Maryland through the estate planning and administration process. Our firm also has experience with matters of elder law, business law, tax law, and litigation. For a legal team that will put your needs first, contact JD Katz today.