For decades, powers of attorney in Maryland were unregulated. However, that is no longer the case with Maryland’s new statutory power of attorney. Simply put, it is a form that is codified in the laws of Maryland which:
(1) clearly sets forth the responsibilities that your agent (your chosen trusted fiduciary) has to you, the principal (the person giving the power or authority to your agent);
(2) provides authority for a list of “interested persons” to petition the Circuit Court concerning the power of attorney document or the conduct of an agent;
(3) enforces the power of attorney’s acceptance by third parties; and
(4) provides for third party liability in the event of nonacceptance, including attorney’s fees and court costs.
As estate planning attorneys, we recommend two documents: the statutory ‘short’ form as a baseline power of attorney and the ‘supplemental’ power of attorney for optimal estate and elder law planning. If you have not yet updated your power of attorney documents, please do. The new law provides sweeping protections.
For more information, please call 443-393-7696 or complete the form below.