Bethesda Power Of Attorney Lawyer

A power of attorney (POA) allows you to name someone you trust to handle your affairs if you cannot do so yourself. This legal document helps you avoid guardianship and gives your chosen agent authority to act on your behalf.

My name is Elizabeth Forgotson Goldberg, and I have over 30 years of legal experience. At the Law Office of Elizabeth Forgotson Goldberg, I am here to support you and your family through the estate planning or elder law challenges you may be facing.

What Are The Different Types Of Powers Of Attorney?

Through a power of attorney, you can create a legal relationship between yourself (the principal) and someone you choose (the agent). Different types serve different needs:

• Durable power of attorney: Ensures your agent can continue managing your affairs if you become unable to do so yourself
• Medical power of attorney: Lets your agent make decisions for your health care
• Financial power of attorney: Covers banking, real estate and financial matters
• Limited power of attorney: Grants authority for specific tasks or time periods
• Springing power of attorney: Takes effect only when a specific event occurs

Most people benefit from both a durable financial power of attorney and a medical power of attorney.

The Challenge With Complex Assets

Powers of attorney work well for banking and everyday financial tasks. Complex assets require more careful drafting. Life insurance policies often have specific beneficiary rules.

Retirement plans like 401(k)s and IRAs have federal regulations that affect what an agent can do. Real estate transactions need precise language to allow your agent to buy, sell or manage property on your behalf.

Making Your Power Of Attorney Valid

Maryland and Washington, D.C., have specific POA form requirements. You must sign the document in front of a notary. Some situations also require witnesses. Store your power of attorney where a trustworthy agent can access it when needed.

Can You Change Or Revoke A Power Of Attorney?

You can revoke a power of attorney at any time as long as you have mental capacity. You must notify your agent in writing that you are revoking their authority. You should also notify any institutions that have a copy of the old document. To make changes, you typically need to create a new power of attorney rather than amending the old one.

Answering Your Questions About Powers Of Attorney In Maryland

Creating a power of attorney is a key step in the estate planning process, and it is natural to have questions about how these documents function in practice. Below, I address some common concerns regarding agent responsibilities and your rights.

Under Maryland law, what responsibilities does an agent have?

When you appoint an agent, they assume a “fiduciary duty” to you. This is a strict legal standard that requires them to act in your best interest. They cannot use your assets for their own benefit, unless the document explicitly allows it.

Their specific responsibilities typically include:

• Loyalty: They must avoid conflicts of interest.
• Recordkeeping: They need to maintain a detailed accounting of every transaction, including all funds received and paid out on your account.
• Asset separation: They generally must not commingle your funds with their own.
• Preservation: They should attempt to preserve your estate plan, if they know about it.

Take note that if your agent is your spouse, they generally may continue to use jointly owned funds for shared living expenses or mortgage payments without violating these duties.

What differences exist between a health care agent and a durable power of attorney?

The main difference is in the scope of authority. While many people use the term “medical power of attorney,” Maryland law actually uses an advance directive to appoint a health care agent. This agent makes decisions regarding medical treatment, surgery and end-of-life care. This becomes active if you are unable to communicate your wishes, unless you state in the document that the agent’s authority begins immediately.

A durable power of attorney, on the other hand, usually refers to financial and legal matters. It allows an agent to pay bills, manage real estate or access bank accounts. The term “durable” specifically means the agent’s authority continues even if you become incapacitated.

What is the process for revoking power of attorney in Maryland?

To securely revoke a power of attorney, you should destroy all original copies and sign a formal written revocation. I can help you draft this document, notify your former agent and alert any financial institutions that hold the old power of attorney.

Take note that revoking a financial power of attorney does not automatically revoke your advance directive. If you wish to remove a health care agent, you must notify your physician and medical providers separately.

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Give me a call at 240-641-0956 or send me an email to set up a free consultation. Let’s discuss your legal needs privately.