There are few things more essential to a comprehensive estate plan than establishing one or more powers of attorney. Though they are not as frequently mentioned as wills and trusts, the truth is, everyone should establish certain powers of attorney in their lifetime. Please continue reading and speak with our knowledgeable Maryland estate planning attorney, to learn more about how our firm can help you through every step of the estate planning process going forward. Here are some of the questions you may have:
What is the purpose of creating a power of attorney?
People create powers of attorney so that if at some point they need assistance handling certain major life affairs, they will have appointed someone to handle those affairs on their behalf. Essentially, when someone becomes incapacitated, it is imperative they have a power of attorney in place to designate someone they trust to manage their finances and other affairs. In powers of attorney, the incapacitated individual is known as the principal, and the person who acts on the principal’s behalf is referred to as the agent.
What are the types of powers of attorney available in Maryland?
There are several types of powers of attorney, all designed to fit various unique situations. However, some of the most common powers of attorney in Maryland are as follows:
- Durable powers of attorney: These take effect when a principal becomes incapacitated, and they will most likely extend for the rest of the principal’s life. In a durable power of attorney, the agent has full control over the principal’s assets.
- Non-durable powers of attorney: Non-durable powers of attorney work for a designated period of time for predetermined specific transactions. Once the transaction ends and principal become incapacitated, the power of attorney will also end.
- Springing powers of attorney: Springing powers of attorney are activated upon triggering events. A springing power of attorney can either be durable or non-durable, depending on your situation.
- Medical powers of attorney: These powers of attorney grant the individual you appoint to make certain medical decisions on your behalf, should you be unable to do so on your own.
- Special powers of attorney: If you jointly own a business, a special power of attorney with your business partner may be for you. In these powers of attorney, your business partner can make critical business-related decisions on your behalf, should you ever become incapacitated.
We know that the estate planning process, in many ways, is very complicated. However, we are here to tell you that with our Maryland estate planning attorneys on your side, it does not have to be. Give us a call to learn more about what we can do for you.
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.