In this week’s blog, we have discussed the use of financial powers of attorney in will and revocable trust plans, the difficulty agents sometimes have in determining when to use their power, and how the death of the principal terminates the authority of his or her agent. In this week’s final thought, let’s address a fundamental concept considered obvious and taken for granted by many but actually misunderstood by a surprising number of persons: when should a financial power of attorney be implemented, and can a power of attorney be implemented after one’s incapacity? Answer(s) – financial powers of attorney should be implemented as soon as possible by persons having the mental capacity to do so – a financial power of attorney cannot be legally executed by a person who lacks the minimum mental capacity to do so – and a financial power of attorney cannot be executed by another on behalf of a principal.
- Why Do Estate Plans Fail and Not Work as Intended? The Answer Lies Below …
- “Your Home, Your Deed, Your Legacy – Ensuring Stability in Baltimore City through Legal Services” co-authored by Olivia Holcombe
- Elville and Associates’ Principal Stephen R. Elville Partners with University of Maryland Autism Research Consortium for Nationwide Webinar Series and Panel Discussion
- The Future of Pro Bono in Maryland
- Elville and Associates Partners with Maryland ABLE to Offer Special Needs Planning Workshop to Harbour School at Annapolis Parents
- Lindsay V.R. Moss, Esq., Becomes Partner at Elville and Associates, P.C.
- A Guide for Making Room for Grief in Work & Life
- How One Thing Might Lead to Another
- How Will My Agent Know Where My Property Is – and How to Access It? The Maryland Fiduciary Access to Digital Assets Act, Digital Storage Options, Safe Deposit Boxes, and Good Old Fashioned Record-Keeping
- The Movement to Improve End-of-Life Health Care Planning