There are three powers of attorney options available in Maryland. Continue reading to learn the different types and the benefits of each. To discover the reasons many individuals have a power of attorney, read on and contact our experienced estate planning attorney. If you require assistance with drafting a power of attorney or any other estate planning matters, do not hesitate to reach out to our estate planning firm. Contact us today to learn how we can assist you.
What is a power of attorney?
A power of attorney is a legal document that allows an individual to act on another individual’s behalf. It is a written authorization to act on another’s behalf in private affairs, legal matters, and business matters. The person authorizing the other to act is referred to as the principal, grantor, or donor. The authorized individual is referred to as the agency.
Different Types of Power of Attorney
The following are the different types of power of attorney options in Maryland:
- Durable Power of Attorney: This option allows an agent to make decisions in the event that the individual becomes incapacitated.
- General Power of Attorney: This option allows an individual to grant the agent power of attorney over financial matters that can be for both personal or business transactions.
- Limited Power of Attorney: This allows an individual to grant authority to an agent for one specific transaction, or for transactions for a predetermined period of time.
Why should I have a power of attorney?
Having a power of attorney can bring many benefits to an individual. One of the main reasons people like to have a power of attorney is to feel secure in the event that they become incapacitated. Another reason to have a power of attorney is to allow their spouse to act on their behalf. This is very common for married couples who spend a lot of time apart due to employment demands to have a power of attorney for this reason. Having a power of attorney can benefit individuals of all ages.
If you require assistance with a power of attorney, or any other estate planning matters, it is essential that you retain the services of an experienced estate planning attorney. To learn more about our services and how we can assist you, contact JDKatz, P.C. today.
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.