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When estate planning, consider power of attorney documents

On Behalf of | Mar 18, 2020 | estate planning |

Many Maryland residents consider themselves the one in charge. They may be a parent or another type of authority figure and feel comfortable making decisions in difficult situations. However, even decision-makers can need someone else to make decisions for them, which is why it is important to include a power of attorney document when estate planning.

A power of attorney document allows the principal, or person making the appointment, to name an agent, or the appointed person, to act on his or her behalf. The agent can make decisions regarding health care, finances or legal details. Having someone appointed to this role can be immensely useful if the principal cannot make decisions for him or herself for some reason. Often, incapacitation is a cause for the agent to take over.

However, it is important to remember that incapacitation is not the only reason a POA agent could act. In fact, if a principal creates a durable power of attorney, the agent obtains decision-making authority immediately after the document is signed. Of course, other options exist, such as a springing POA that would only allow the agent to obtain authority after certain events.

Power of attorney documents can bring about some peace of mind because it is possible for any Maryland resident to end up in a situation where he or she is unable to make sound decisions. In such a scenario, parties certainly want a trusted and responsible person to take on the role. Individuals interested in creating a POA document may want to discuss their options with estate planning attorneys.

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