Financial Power of Attorney
Make Sure Someone You Trust, Can Help When Needed.
A good plan does more than say what should happen after your death.
It also considers what would happen if, during your lifetime, you were unable or unavailable to manage your financial affairs.
A Financial Power of Attorney allows you to name a trusted person—called your agent—who can have legal authority to handle financial or business matters on your behalf.
This can be an important part of putting your affairs in order, but it is also a significant legal decision.
Why It Matters
Without proper planning, the people closest to you may not automatically have the legal authority to manage your finances, access accounts, pay expenses, handle property, or take care of other financial matters on your behalf.
A Financial Power of Attorney can help you decide in advance who you trust to act for you and what authority that person should have.
Why We Are Not Providing a Form
Maryland provides statutory Financial Power of Attorney forms, including both broad and limited options. The broad Maryland form specifically warns that the powers it grants can be extensive and can affect your money, property, estate plans, and other important financial matters.
Because each person's circumstances are different, Don't Leave a Mess does not provide a Financial Power of Attorney form or recommend which powers you should give another person.
Instead, we encourage you to speak with a qualified Maryland estate-planning attorney who can help you determine what is appropriate for you.
Before You Meet With an Attorney
Spend a few minutes considering these questions:
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Who would I trust to manage my financial affairs?
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Is this person responsible, dependable, and able to handle financial decisions?
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Who could serve as a backup if my first choice were unable to serve?
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What kinds of financial decisions might someone need to make for me?
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Are there financial matters I would not want another person to handle?
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When would I want another person's authority to begin?
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Do I already have a Financial Power of Attorney, and if so, is it still current?
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Does the person I have named know that I have chosen them?
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Where will the completed document be kept, and who should know where to find it?
Bring these questions—and your answers—with you when you meet with your attorney.
One Important Distinction
A Financial Power of Attorney deals with financial and business matters.
It is different from a Medical Advance Directive, which addresses healthcare decisions and allows you to name someone to make healthcare decisions for you when appropriate.
Both can be important parts of a complete plan.
Your Next Step
If you do not have a Financial Power of Attorney—or if it has been several years since you reviewed yours—make it a priority to discuss it with a Maryland estate-planning attorney.
You do not need to have all the answers before that conversation. Start by identifying the people you trust and the questions you want to ask.
Putting the right documents in place today can make things much easier for the people you love tomorrow.