Power of Attorney
Durable Power of Attorney, Financial Power of Attorney, Medical Power of Attorney, Springing Power of Attorney, Attorney-in-Fact in Baltimore County, Maryland
do i really need a Power of Attorney
Clients often ask, “Do I need a power of attorney if I have added my child to my bank account?” By adding another person as a joint owner of your account you are making the funds in that account subject to the other person’s creditors. Don’t run the risk of having your assets taken because someone else was involved in a car accident, divorce, credit problems or bankruptcy. A Power of Attorney allows another person to write checks to pay bills without the risk of losing your assets to their creditors.
Power of Attorney in maryland
In 2010 the Maryland General Assembly passed a Power of Attorney statute. If your Power of Attorney was drafted and executed before 2010 you should consider updating it. An updated Power of Attorney leaves you in control of your financial affairs, and allows you to choose who will help you if you want or need assistance. The new law also imposes penalties (attorneys fees) on any bank, insurance company or other financial institution that refuses to accept your Power of Attorney. If you do not have a valid Power of Attorney your family will need to petition the court to have a guardianship established.
Your agent’s authority to act under the Power of Attorney ceases upon your passing. We can help you put in place the legal documents that your family will need to help manage your affairs before and after your death..