As you know, estate planning is a very in-depth process, and creating an estate plan that works best for you and your family should involve the assistance of an experienced Maryland estate planning attorney who can ensure that all aspects of your needs are covered in your estate plan. Powers of attorney are among the most important estate planning documents, and there are many different types of them. Read on and reach out to our firm to learn more about these documents and how they may benefit you. Here are some of the questions you may have:
What does a power of attorney do?
There are several reasons one may wish to create a power of attorney, though the primary function of these documents is to appoint a trusted individual to handle your finances, medical treatments, and more, should you ever become incapacitated and unable to do so on your own. The incapacitated party is the principal and the individual who acts on behalf of the principal is the agent.
What are the different types of powers of attorney in MD?
The most common powers of attorney that we help our clients create are as follows:
- A medical power of attorney: These are perhaps the most important powers of attorney, as they give the individual the right to appoint a trusted individual to make certain critical medical decisions on their behalf, should they become incapacitated or otherwise unable to do so on their own.
- A non-durable power of attorney: These are only enforceable when it comes to certain established financial transactions. Once the principal becomes incapacitated and the transaction ends, the power of attorney will be terminated.
- A durable power of attorney: A durable power of attorney will take effect once the principal becomes incapacitated, and they will stay in effect until the principal passes away. These POAs give the agent full control over the principal’s assets.
- A special power of attorney: These are ideal for those who jointly own businesses. In this case, you can give the co-owner of your business permission to make business-related decisions without your consent, should you ever become unable to make these decisions on your own.
- A springing power of attorney: When a triggering event occurs, a springing power of attorney will take effect. These POAs can either be non-durable or durable, depending on your wishes.
For any further questions, give our Maryland estate planning attorneys a call today. We are here to protect your right to a safe, secure life.
Contact our experienced Montgomery County, 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.