Description of General Durable Power of Attorney for Property and Finances
This form is a legal document that allows you to designate an agent to manage your financial affairs and property on your behalf. It remains effective even if you become incapacitated or unable to make decisions. This durable power of attorney grants your agent broad authority to handle various financial matters, but it does not allow them to make medical decisions for you.
When this form may be needed
This form is useful in several scenarios, including:
- If you want someone to manage your finances while you are away or unable to do so.
- In situations where you may become incapacitated due to illness or injury.
- When you need someone to handle property transactions, such as selling or leasing real estate.
- If you want to ensure that your financial matters are managed according to your wishes during your lifetime.
Who may need General Durable Power of Attorney for Property and Finances
This form is intended for individuals who want to appoint an agent to manage their financial and property matters. It is suitable for:
- Adults who wish to plan for potential future incapacity.
- Individuals who are traveling or temporarily unable to manage their affairs.
- People who want to ensure their financial interests are protected by a trusted person.
A look at the required details
The Maryland General Durable Power of Attorney includes several important sections:
- Principal Information: Details about the person granting authority.
- Agent Information: Information about the designated agent who will act on behalf of the principal.
- Grant of Powers: A comprehensive list of powers the agent will have, including managing property, finances, and investments.
- Limitations: Any specific limitations on the agent's authority if applicable.
- Execution: Signatures of the principal and witnesses, along with notary acknowledgment.
Help with completing the General Durable Power of Attorney for Property and Finances
Follow these steps to fill out the form:
- Identify the Principal: Fill in your full name and address in the designated section.
- Designate an Agent: Provide the full name and address of the person you are appointing as your agent.
- Grant Powers: Review the powers you are granting and ensure they align with your intentions. You can specify any limitations if desired.
- Sign the Document: Sign and date the form in the presence of witnesses and a notary public to ensure its validity.
- Provide Copies: Distribute copies of the signed document to your agent and any relevant parties.
Requirements that vary by state
This form is tailored to meet the legal requirements of Maryland. It must be executed in accordance with Maryland laws, which include having the principal's signature witnessed and notarized. Ensure that all sections are completed accurately to maintain its legal effectiveness.
Make changes easily with the online form
Accessing this form online offers several advantages:
- Convenience: Download and complete the form at your own pace from anywhere.
- Editability: Easily make changes to the document as needed before finalizing it.
- Legal Reliability: Obtain a professionally drafted template that meets state requirements.
