Power of attorney in College Park, Maryland grants one person to make specific decisions for another, under specific conditions. There are several reasons why one might grant power of attorney. However, most of them revolve around the possible incapacitation of the person granting the power - so that their wishes can be carried out even if they become unable to express them.
Any power-of-attorney arrangement creates the possibility that the attorney-in-fact will abuse the power he or she has been granted, and it's simply not feasible to completely eliminate this possibility. It can be minimized, however, by giving the attorney the bare minimum amount of authority needed to carry out your wishes, and making your wishes known in writing (with copies held by at least one other person) well in advance. When granting power of attorney, you can usually grant as much authority as you want, so you need to be very careful, and only give this legal authority to somebody you know and trust. Also, you should consider your circumstances and objectives when determining what type of power to grant.
For example, if you have very specific desires for your end-of-life care, but are worried that you won't be able to express your wishes when the time comes, you can grant someone power of attorney in advance, so they'll be able to ensure that your wishes are carried out, if necessary. You should draft an agreement giving the attorney-in-fact power of attorney only in the event that you truly become incapacitated. Presumably, if you are able to make and express your own medical decisions, you'll want to do it yourself.
Usually, you can find forms in College Park, Maryland that let you easily draft a power of attorney document. However, if a considerable amount of money is at stake, or you wish to grant very specific and limited powers, you should probably consult with a lawyer beforehand.
Types of Power of Attorney Arrangements in College Park, Maryland
Power of attorney in College Park, Maryland takes 3 main forms. Which one is appropriate for you depends on your distinct situation. They are:
1. Limited power of attorney - this lets the attorney-in-fact exercise limited authority in a single transaction. It is useful, for example, if someone is buying property in another state, and the deal is nearly done, but a few documents need to be signed. The buyer could give a resident of that state power of attorney, authorizing him or her to complete the transaction on the buyer's behalf. Conveniently, the power automatically terminates when the transaction is complete.
2. Durable power of attorney - this gives the attorney-in-fact much more power than limited power of attorney. It can, in theory, give them unlimited power in a particular area of the principal's affairs. The document should lay out precisely what power the attorney-in-fact will wield. This arrangement, when used carefully, can be very useful, authorizing the attorney-in-fact to make important decisions for the principal as long as is necessary, because it does not automatically disappear after a single transaction. Additionally, the principal can revoke the power of attorney at any time.
3. Springing power of attorney - under this arrangement, the attorney-in-fact does not get power of attorney until the happening of some stated event. The specified event is typically the incapacity or disability of the principal, though it can be virtually any event you wish. You should be aware, however, that it is not always clear when the principal has become sufficiently "disabled" for the power of attorney to take effect. This question sometimes has to be determined by a court, which can be costly and time-consuming.
Can a College Park, Maryland Lawyer Help?
While setting up power of attorney in College Park, Maryland can be simple, there are some cases in which it will inevitably be complicated. In such cases, the process will be much easier if you have a knowledgeable attorney to help you along the way.