Crofton Powers Of Attorney Lawyer

Powers of Attorney in Crofton, MD

When you decide to put together an estate plan, there are many more elements to consider than just a will. You need to consider establishing a trust, make sure your beneficiaries are clearly listed, and consider if you want to give a loved one power of attorney. Power of attorney can be a useful tool to have if you were to become incapacitated in some way. To help you decide on what to do, you should speak with a Crofton powers of attorney lawyer. Our firm can help.

The legal team at Liberty Legacy Law Group understands how complicated it can be to give someone power of attorney over your financial and medical affairs. The power of attorney cost can be more than financial, and Maryland’s power of attorney laws can be tough to navigate. Our firm can help with Crofton powers of attorney cases like yours. We have considerable experience helping clients with their estate plans, including powers of attorney. We know what to do.

Benefits of a Power of Attorney

If you want to establish a power of attorney in Crofton, you typically don’t need to go to court to do so. However, the majority of estate planning-related legal matters in Crofton are handled by the Circuit Court of Anne Arundel County, which can be found in Annapolis. A power of attorney is a common element in estate plans, which are filed frequently in Crofton. The average household income in the city is $150,577, while the average property value is $519,900.

The entire point of having a power of attorney designated in your estate plan is to make sure that your legal and medical wishes are still carried out if you are unable to do so yourself. You want to give this power to someone you trust implicitly, such as your spouse, your adult child, or your sibling. Don’t give it to someone you haven’t known and trusted for years. Otherwise, you would have to deal with a much harder problem to resolve. Here are the benefits of a POA:

• Avoiding guardianship. If you do not have a power of attorney designated in your estate plan, it will be up to the court to appoint a guardian in your place. The guardian will then make decisions about your estate instead of someone you trust. Appointing a guardian is a slow, expensive, and public process that results in further complications. You can avoid this process by simply choosing someone to make decisions on your behalf.
• Continuity of management. If you find yourself medically incapacitated, you won’t have to worry about continuity of management if a loved one has power of attorney. The appointed agent can immediately handle your finances, manage your investments, and handle your real estate holdings in ways that they know you would approve of. That’s why trust and familiarity are so important when choosing someone for power of attorney.
• Medical decisions. One of the hardest things that a power of attorney has to do is make medical decisions for you. If you have a medical POA, also called an advance directive, the agent can make those decisions with full knowledge that you would approve of those decisions. They can choose your doctor, determine long-term care, and even put you in hospice or a nursing home if they figure that’s the right course.
• Peace of mind. An estate plan is intended to be a financial safety net that uses your assets to protect the people you care about. The person who has power of attorney is supposed to give you peace of mind that your financial and medical decisions will be made appropriately. It can be good to know that your estate plan is in the right hands if something were to happen to you.

FAQs

What Is the Least Expensive Way to Get a Power of Attorney in Maryland?

The least expensive way to get a power of attorney in Maryland is to use the free Maryland Statutory Form for a Personal Financial Power of Attorney. You can download this form directly from the People’s Law Library of Maryland and have it notarized for anywhere from $20 to $30. Still, you should bring this form to an experienced lawyer to make sure it’s legally binding. A poorly drafted POA can be disputed.

Does a Lawyer Have to Draw Up a Power of Attorney in Maryland?

No, you are not legally required to hire a lawyer to draw up a power of attorney in Maryland. You can get the necessary forms yourself and draft them independently. However, you still need to make sure you meet the state’s requirements for a valid POA. If you aren’t entirely sure what to do, it’s recommended that you hire a powers of attorney lawyer just to be safe. You don’t want to end up with an invalid POA.

Can a POA Withdraw Money From Your Bank Account?

Yes, a POA is legally allowed to withdraw money from your bank account if they have a properly executed durable financial power of attorney. They can withdraw money, pay bills, and even manage your bank accounts on your behalf. Still, the agent is legally required to act in the principal’s interests, and their authority ends when the principal passes away. Financial institutions will need the proper documentation before allowing access.

Am I Responsible for My Parents’ Debt if I Have Power of Attorney?

No, you are not responsible for your parents’ debt simply because you have the power of attorney. As an agent, you have the authority to manage their assets, and you can use them to pay off debts, but you are not personally responsible for those debts. As long as you don’t mix their funds with your own and abuse your authority, your personal assets should not be involved in this situation at all.

Be Sure to Hire a Crofton, MD Powers of Attorney Lawyer Today

It’s vital that you hire a Powers of Attorney lawyer to help you figure out the right way to manage such authority over the principal’s finances and medical needs. Doing so on your own can be overwhelming. At Liberty Legacy Law Group, we know how to guide you through such an ordeal and avoid making significant mistakes. Contact us to speak to someone on our team about how we can help.