FAQ Friday: POA's

On Friday, June 25th at 11 a.m. EST, Mr. Berger discusses financial powers of attorney, their purpose and when we need them.

A Maryland Statutory Power of Attorney and an enhanced Power of Attorney. A statutory POA doesn’t state durable, but it is, which means that is stands when someone is disabled.

Do you want your POA to start right away or not until 2 doctors state you are disabled. We tend to default to it starting immediately. If you name your spouse, if you trust them when disabled, you should be able to trust them now.

You can revoke it by destroying it or writing something saying you revoke it.

You can discuss who can act and when: financially, digitally etc. You can disclaim things to your children. We discuss what the agent is liable for, but as long as they act in good faith they should be fine and not use for their own personal gain.

We also discuss how they should sign for you on documents and how a notary and two witnesses are needed to complete a Power of Attorney.

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Bring your questions about estate planning and administration to our weekly Facebook Live with Mr. Berger on Fridays at 11am EST. Leave your email if you’d like to receive a notification of our response.