Vacating Power of Attorney in Maryland
The limits and purposes of power of attorney in Maryland are easier to understand with the help of a skilled power of attorney lawyer. Under the 2010 Maryland Power of Attorney Act, there are requirements that allow for a power of attorney to not be rejected by financial or banking institutions without some sort of penalty or ramification to the rejecting financial institutions if the Maryland Statutory Form is prepared according to Maryland law.
Defining Power of Attorney
It is important to note that a power of attorney document may govern an individual’s financial and legal affairs. There is a separate document, either an advanced medical directive or a medical power of attorney, which could allow another individual to make medical decisions for an individual.
The scope and breadth of the powers granted are dictated by the document itself. For example, it is possible that an individual may serve as an attorney-in-fact and not a healthcare agent, in which case they may only be able to make legal or financial decisions.
The important thing to remember is that the power of attorney in Maryland does not grant the attorney-in-fact or the agent any more authority than would be granted to the individual. The power of attorney may not be used in a way that would be unlawful, because that same action would be unlawful for the individual to take.
In Maryland, an individual must have the requisite testamentary capacity to assign or to create a power of attorney document. While they may be disabled or have challenges physically or in other ways, if they understand the scope and the breadth of their assets, and know the individuals that they are choosing to name and are doing so on their own free will, they may be able to create a power of attorney document.
Unfortunately, lawyers frequently get called by family members of individuals who have suffered from a catastrophic event where the individual is in a coma or they have lost capacity. At that time, a lawyer may be unable to work with them to create a power of attorney document, and instead, may then need to assist them with a guardianship procedure.
An individual that grants a power of attorney in Maryland can revoke that power of attorney at any time that they retain capacity. It is not uncommon for individuals or clients to create powers of attorney and then decide to change their named attorney-in-fact, for a number of different reasons. They may move to a different state, or their relationship with the named attorney-in- fact might change.
Many powers of attorneys can specify that a copy can be used instead of the original document. While this is done to make handling matters easier, it can also create additional challenges. If an individual or an attorney-in-fact is relying on a copy and the original grantor of the power of attorney decides to revoke that power of attorney document, then the attorney-in-fact may continue to use a copy of that document on behalf of the initial grantor, either by mistake or in bad faith.