Powers of Attorney
Durable Powers of Attorney are documents that give another person, that you trust, with authority to act for you. In Maryland, state law recognizes Limited Financial Powers of Attorney as well as (unlimited) Durable Financial Powers of Attorney, and Maryland provides a state recognized form that financial institutions should recognize, although in practice there are exceptions to this.
Designating a Financial Power of Attorney is often part of an Estate Planning package, but it must be done with great care as the person who is designated as your Financial Power of Attorney, has broad power to access your assets, and make transactions without your knowledge. In executing a Financial Power of Attorney, you should take great care to ensure you are giving this authority to someone you can trust.
Financial Powers of Attorney are documents that give another person authority to act for you with respect to your finances and property while you are alive. Powers of Attorney may be drafted such that they continue when you are disabled or unable to make decisions for yourself. Upon your passing, however, your Powers of Attorney will no longer be effective. Financial Powers of Attorney are only effective when you are alive. When you pass away, your Last Will and Testament and/or Trust designations, together with your Titling of Assets, and Beneficiary Designations on accounts would then become determinative of how your asset distributions would be handled.