Hi, my name is Denise Martin, and I'm an attorney at McChesney & Dale in Bowie, Maryland. I want to talk to you about one estate planning document that we highly recommend everyone consider having: a power of attorney. A power of attorney enables you to appoint an agent who can act on your behalf with respect to business, legal, and financial transactions. Some circumstances in which you may need a power of attorney include being out of town or becoming incapacitated. Often, a power of attorney may be used as an individual gets older and requires assistance from a family member or a friend to pay bills and manage accounts. It's essential to note that a power of attorney can only be used during your lifetime, and its use ceases upon your death. The Maryland legislature has established a statutory-based power of attorney that grants broad powers to your agent. Therefore, it's crucial to select someone you trust as your agent. Your agent will have the authority to pay your bills, handle transactions with your bank, invest your money in stocks, bonds, and other investments, file and pay taxes, manage your retirement benefits, and enter or defend a lawsuit on your behalf. At McChesney & Dale, we use the statutory-based power of attorney and have also added a number of additional provisions that our clients have found to be very helpful in the past. One excellent protection of using the statutory-based power of attorney is that financial institutions are required to accept it. If a bank refuses to accept a power of attorney, your agent has the right to sue and recover attorney's fees. If you have any questions about the use of a power of attorney or other estate planning-related questions, please feel free to contact me.
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Power of attorney for tax purposes Form: What You Should Know
You should give your POA declaration to the taxpayer and the financial institution the POA describes. The POA declaration should be made in your own writing. Taxpayers may sign the POA declaration and send it to the Financial Institution or the person to whom it is addressed.
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