"MARYLAND STATUTORY FORM
PERSONAL FINANCIAL POWER OF ATTORNEY
IMPORTANT INFORMATION AND WARNING
You should be very careful in deciding whether or not to sign this document. The
powers granted by you (the principal) in this document are broad and sweeping. This
power of attorney authorizes another person (your agent) to make decisions
concerning your property for you (the principal). Your agent will be able to make
decisions and act with respect to your property (including your money) whether or
not you are able to act for yourself.
You should select someone you trust to serve as your agent. Unless you specify
otherwise, generally the agent's authority will continue until you die or revoke the
power of attorney or the agent resigns or is unable to act for you.
You need not grant all of the powers listed below. If you choose to grant less than all
of the listed powers, you may instead use a Maryland Statutory Form Limited Power
of Attorney and mark on that Maryland Statutory Form Limited Power of Attorney
which powers you intend to delegate to your attorney-in-fact (the Agent) and which
you do not want the Agent to exercise.
You should understand that granting your agent the authority to take actions under
this power of attorney may:
(1) Significantly reduce your property and limit your access to your
assets;
(2) Change how your property is distributed under your existing
estate plans to your heirs or others on your death; or
(3) Result in tax consequences to yourself or others.
This power of attorney becomes effective immediately unless you state otherwise in
the Special Instructions.
You should obtain competent legal advice before you sign this power of attorney if
you have any questions about the document or the authority you are granting to your
agent.
IMPORTANT INFORMATION FOR AGENT
Simply because you are granted a power of attorney does not mean you should
exercise it. You are bound by an utmost duty of loyalty to the interests of the
principal. You may not act in your own self-interest. You are further limited by legal
duties to the principal that govern your actions.
When exercising the authority granted in this power of attorney, you shall consider
the stated intentions of the principal regarding the principal's self-interest, family,
estate, and taxes.
DESIGNATION OF AGENT
This section of the form provides for designation of one agent.
If you wish to name coagents, skip this section and use the next section ("Designation
of Coagents").
I, ___________________________________________________________________________,
(Name of Principal)
Name the following person as my agent:
Name of Agent: _______________________________________________________________
Agent's Address: ______________________________________________________________
Agent's Telephone Number: ___________________________________________________
DESIGNATION OF COAGENTS (OPTIONAL)
This section of the form provides for designation of two or more coagents. Coagents
are required to act together unanimously unless you otherwise provide in this form.
I, ___________________________________________________________________________,
(Name of Principal)
Name the following persons as coagents:
Name of Coagent: ____________________________________________________________
Coagent's Address: ___________________________________________________________
Coagent's Telephone Number: _________________________________________________
Name of Coagent: ____________________________________________________________
Coagent's Address: ___________________________________________________________
Coagent's Telephone Number: _________________________________________________
Special Instructions Regarding Coagents: _______________________________________
______________________________________________________________________________
______________________________________________________________________________
________________________________________________________________________
DESIGNATION OF SUCCESSOR AGENT(S) (OPTIONAL)
If my agent is unable or unwilling to act for me, I name as my successor agent:
Name of Successor Agent: _____________________________________________________
Successor Agent's
Address: _____________________________________________________________________
Successor Agent's
Telephone Number: ___________________________________________________________
If my successor agent is unable or unwilling to act for me, I name as my second
successor agent:
Name of Second
Successor Agent: _____________________________________________________________
Second Successor
Agent's Address: ______________________________________________________________
Second Successor Agent's
Telephone Number: ___________________________________________________________
POWER TO APPOINT SUCCESSOR AGENT(S) IF NO AGENT OR SUCCESSOR
AGENT IS ABLE TO SERVE (OPTIONAL)
ONLY IF I have INITIALED below, my agent(s) may appoint a successor agent(s).
(___) Each agent, while serving in that capacity, may appoint an individual
to succeed to the agent's office on the agent's death, resignation, or incapacity;
provided, however, that an appointment under this section becomes effective only
when no other agent or successor agent designated by me is willing or able to act.
COMPENSATION (OPTIONAL)
Your agent is entitled to reimbursement for their expenses. Your agent is entitled to
compensation ONLY IF you have INITIALED one of the options listed below:
(___) My agent(s) is entitled to reasonable compensation.
(___) My agent(s) is entitled to the following compensation:
GRANT OF GENERAL AUTHORITY
I ("the principal") grant my agent and any successor agent, with respect to each
subject listed below, the authority to do all acts that I could do to:
(1) Contract with another person, on terms agreeable to the agent, to
accomplish a purpose of a transaction and perform, rescind, cancel, terminate,
reform, restate, release, or modify the contract or another contract made by or on
behalf of the principal;
(2) Execute, acknowledge, seal, deliver, file, or record any instrument
or communication the agent considers desirable to accomplish a purpose of a
transaction;
(3) Seek on the principal's behalf the assistance of a court or other
governmental agency to carry out an act authorized in this power of attorney;
(4) Initiate, participate in, submit to alternative dispute resolution,
settle, oppose, or propose or accept a compromise with respect to a claim existing in
favor of or against the principal or intervene in litigation relating to the claim;
(5) Engage, compensate, and discharge an attorney, accountant,
discretionary investment manager, expert witness, or other advisor;
(6) Prepare, execute, and file a record, report, or other document to
safeguard or promote the principal's interest under a statute or regulation and
communicate with representatives or employees of a government or governmental
subdivision, agency, or instrumentality, on behalf of the principal; and
(7) Do lawful acts with respect to the subject and all property related
to the subject.
SUBJECTS AND AUTHORITY
My agent's authority shall include the authority to act as stated below with regard to
each of the following subjects:
Real property - With respect to this subject, I authorize my agent to: demand, buy,
sell, convey, lease, receive, accept as a gift or as security for an extension of credit, or
otherwise acquire or reject an interest in real property or a right incident to real
property; pledge or mortgage an interest in real property or right incident to real
property as security to borrow money or pay, renew, or extend the time of payment of
a debt of the principal or a debt guaranteed by the principal, including a reverse
mortgage; release, assign, satisfy, or enforce by litigation or otherwise a mortgage,
deed of trust, conditional sale contract, encumbrance, lien, or other claim to real
property that exists or is asserted; and manage or conserve an interest in real
property or a right incident to real property owned or claimed to be owned by the
principal, including: (1) insuring against liability or casualty or other loss; (2)
obtaining or regaining possession of or protecting the interest or right by litigation or
otherwise; (3) paying, assessing, compromising, or contesting taxes or assessments or
applying for and receiving refunds in connection with them; and (4) purchasing
supplies, hiring assistance or labor, and making repairs or alterations to the real
property.
Tangible personal property, including motor vehicles, boats, planes, and other titled
and untitled tangible personal property - With respect to this subject, I authorize my
agent to: demand, buy, receive, accept as a gift or as security for an extension of credit,
or otherwise acquire or reject ownership or possession of tangible personal property
or an interest in tangible personal property; sell, exchange, convey with or without
covenants, representations, or warranties, quitclaim, release, surrender, create a
security interest in, grant options concerning, lease, sublease, or otherwise dispose of
tangible personal property or an interest in tangible personal property; grant a
security interest in tangible personal property or an interest in tangible personal
property as security to borrow money or pay, renew, or extend the time of payment of
a debt of the principal or a debt guaranteed by the principal; release, assign, satisfy,
or enforce by litigation or otherwise, a security interest, lien, or other claim on behalf
of the principal, with respect to tangible personal property or an interest in tangible
personal property; manage or conserve tangible personal property or an interest in
tangible personal property on behalf of the principal, including: (1) insuring against
liability or casualty or other loss; (2) obtaining or regaining possession of or protecting
the property or interest, by litigation or otherwise; (3) paying, assessing,
compromising, or contesting taxes or assessments or applying for and receiving
refunds in connection with taxes or assessments; (4) moving the property from place
to place; (5) storing the property for hire or on a gratuitous bailment; and (6) using
and making repairs, alterations, or improvements to the property; and change the
form of title of an interest in tangible personal property.
Stocks and bonds - With respect to this subject, I authorize my agent to: buy, sell,
and exchange stocks and bonds; establish, continue, modify, or terminate an account
with respect to stocks and bonds; pledge stocks and bonds as security to borrow, pay,
renew, or extend the time of payment of a debt of the principal; receive certificates
and other evidences of ownership with respect to stocks and bonds; exercise voting
rights with respect to stocks and bonds in person or by proxy, enter into voting trusts,
and consent to limitations on the right to vote.
Banks and other financial institutions - With respect to this subject, I authorize my
agent to: continue, modify, transact all business in connection with, and terminate
an account or other banking arrangement made by or on behalf of the principal;
establish, modify, transact all business in connection with, and terminate an account
or other banking arrangement with a bank, trust company, savings and loan
association, credit union, thrift company, brokerage firm, or other financial
institution selected by the agent; contract for services available from a financial
institution, including renting a safe deposit box or space in a vault; deposit by check,
money order, electronic funds transfer, or otherwise with, or leave in the custody of,
a financial institution money or property of the principal; withdraw, by check, money
order, electronic funds transfer, or otherwise, money or property of the principal
deposited with or left in the custody of a financial institution; receive statements of
account, vouchers, notices, and similar documents from a financial institution and
act with respect to them; enter a safe deposit box or vault and withdraw or add to the
contents; borrow money and pledge as security personal property of the principal
necessary to borrow money or pay, renew, or extend the time of payment of a debt of
the principal or a debt guaranteed by the principal; make, assign, draw, endorse,
discount, guarantee, and negotiate promissory notes, checks, drafts, and other
negotiable or nonnegotiable paper of the principal or payable to the principal or the
principal's order, transfer money, receive the cash or other proceeds of those
transactions; and apply for, receive, and use credit cards and debit cards, electronic
transaction authorizations, and traveler's checks from a financial institution.
Insurance and annuities - With respect to this subject, I authorize my agent to:
continue, pay the premium or make a contribution on, modify, exchange, rescind,
release, or terminate a contract procured by or on behalf of the principal that insures
or provides an annuity to either the principal or another person, whether or not the
principal is a beneficiary under the contract; procure new, different, and additional
contracts of insurance and annuities for the principal and select the amount, type of
insurance or annuity, and mode of payment; pay the premium or make a contribution
on, modify, exchange, rescind, release, or terminate a contract of insurance or annuity
procured by the agent; apply for and receive a loan secured by a contract of insurance
or annuity; surrender and receive the cash surrender value on a contract of insurance
or annuity; exercise an election; exercise investment powers available under a
contract of insurance or annuity; change the manner of paying premiums on a
contract of insurance or annuity; change or convert the type of insurance or annuity
with respect to which the principal has or claims to have authority described in this
section; apply for and procure a benefit or assistance under a statute or regulation to
guarantee or pay premiums of a contract of insurance on the life of the principal;
collect, sell, assign, hypothecate, borrow against, or pledge the interest of the
principal in a contract of insurance or annuity; select the form and timing of the
payment of proceeds from a contract of insurance or annuity; pay, from proceeds or
otherwise, compromise or contest, and apply for refunds in connection with a tax or
assessment levied by a taxing authority with respect to a contract of insurance or
annuity or the proceeds or liability from the contract of insurance or annuity accruing
by reason of the tax or assessment.
Claims and litigation - With respect to this subject, I authorize my agent to: assert
and maintain before a court or administrative agency a claim, claim for relief, cause
of action, counterclaim, offset, recoupment, or defense, including an action to recover
property or other thing of value, recover damages sustained by the principal,
eliminate or modify tax liability, or seek an injunction, specific performance, or other
relief; act for the principal with respect to bankruptcy or insolvency, whether
voluntary or involuntary, concerning the principal or some other person, or with
respect to a reorganization, receivership, or application for the appointment of a
receiver or trustee that affects an interest of the principal in property or other thing
of value; pay a judgment, award, or order against the principal or a settlement made
in connection with a claim or litigation; and receive money or other thing of value
paid in settlement of or as proceeds of a claim or litigation.
Benefits from governmental programs or civil or military service (including any
benefit, program, or assistance provided under a statute or regulation including
Social Security, Medicare, and Medicaid) - With respect to this subject, I authorize
my agent to: execute vouchers in the name of the principal for allowances and
reimbursements payable by the United States or a foreign government or by a state
or subdivision of a state to the principal; perform the acts necessary to enable the
principal to qualify for a governmental benefit or program, including obtaining
personal and financial records; enroll in, apply for, select, reject, change, amend, or
discontinue, on the principal's behalf, a governmental benefit or program; prepare,
file, and maintain a claim of the principal for a benefit or assistance, financial or
otherwise, to which the principal may be entitled under a statute or regulation;
initiate, participate in, submit to alternative dispute resolution, settle, oppose, or
propose or accept a compromise with respect to litigation concerning a benefit or
assistance the principal may be entitled to receive under a statute or regulation; and
receive the financial proceeds of a claim described above and conserve, invest,
disburse, or use for a lawful purpose anything so received.
Retirement plans (including a plan or account created by an employer, the principal,
or another individual to provide retirement benefits or deferred compensation of
which the principal is a participant, beneficiary, or owner, including a plan or account
under the following sections of the Internal Revenue Code: (1) an individual
retirement account under Internal Revenue Code Section 408, 26 U.S.C. § 408; (2) a
Roth individual retirement account under Internal Revenue Code Section 408A, 26
U.S.C. § 408A; (3) a deemed individual retirement account under Internal Revenue
Code Section 408(q), 26 U.S.C. § 408(q); (4) an annuity or mutual fund custodial
account under Internal Revenue Code Section 403(b), 26 U.S.C. § 403(b); (5) a
pension, profit-sharing, stock bonus, or other retirement plan qualified under
Internal Revenue Code Section 401(a), 26 U.S.C. § 401(a); (6) a plan under Internal
Revenue Code Section 457(b), 26 U.S.C. § 457(b); and (7) a nonqualified deferred
compensation plan under Internal Revenue Code Section 409A, 26 U.S.C. § 409A) -
With respect to this subject, I authorize my agent to: select the form and timing of
payments under a retirement plan and withdraw benefits from a plan; make a
rollover, including a direct trustee-to-trustee rollover, of benefits from one
retirement plan to another; establish a retirement plan in the principal's name; make
contributions to a retirement plan; exercise investment powers available under a
retirement plan; borrow from, sell assets to, or purchase assets from a retirement
plan. I recognize that granting my agent the authority to create or change a
beneficiary designation for a retirement plan may affect the benefits that I may
receive if that authority is exercised. If I grant my agent the authority to designate
the agent, the agent's spouse, or a dependent of the agent as a beneficiary of a
retirement plan, the grant may constitute a taxable gift by me and may make the
property subject to that authority taxable as a part of the agent's estate. Therefore,
if I wish to authorize my agent to create or change a beneficiary designation for any
retirement plan, and in particular if I wish to authorize the agent to designate as my
beneficiary the agent, the agent's spouse, or a dependent of the agent, I will explicitly
state this authority in the Special Instructions section that follows or in a separate
power of attorney.
Taxes - With respect to this subject, I authorize my agent to: prepare, sign, and file
federal, state, local, and foreign income, gift, payroll, property, federal insurance
contributions act, and other tax returns, claims for refunds, requests for extension of
time, petitions regarding tax matters, and other tax-related documents, including
receipts, offers, waivers, consents, including consents and agreements under Internal
Revenue Code Section 2032A, 26 U.S.C. § 2032A, closing agreements, and other
powers of attorney required by the Internal Revenue Service or other taxing authority
with respect to a tax year on which the statute of limitations has not run and the
following 25 tax years; pay taxes due, collect refunds, post bonds, receive confidential
information, and contest deficiencies determined by the Internal Revenue Service or
other taxing authority; exercise elections available to the principal under federal,
state, local, or foreign tax law; and act for the principal in all tax matters for all
periods before the Internal Revenue Service, or other taxing authority.
Digital assets - With respect to this subject, in accordance with the Maryland
Fiduciary Access to Digital Assets Act, my agent shall have authority over and the
right to access: (1) the content of any of my electronic communications; (2) any
catalogue of electronic communications sent or received by me; and (3) any other
digital asset in which I have a right or interest.
Trust and estate matters - With respect to this subject:
(1) My agent may act for me in all matters that affect a trust, probate
estate, escrow, custodianship, or other fund to which I am now, claim to be, or later
become entitled as a beneficiary, to a share or payment, including petitions,
objections, waivers, consents, receipts, settlements, and other related agreements;
(2) To the extent permitted in the trust agreement, my agent may
consent to the amendment, revocation, or termination of a trust of which I am a
beneficiary, or to the transfer of the assets of the trust into another trust for my
benefit, and to enter into transactions with any trust created by me, for me, on my
behalf, or in connection with gifts from me to others as provided in the paragraph
below authorizing gifts; and to participate in either judicial or nonjudicial
modification of a trust as permitted under § 14.5-111 of the Estates and Trusts
Article; and
(3) My agent may create and transfer property to an intervivos
revocable or irrevocable trust for my sole benefit that on my death distributes the
property in a manner consistent with my existing estate plan, if any, and in
accordance with Maryland law.
GRANT OF SPECIFIC AUTHORITY (OPTIONAL)
(Caution: Granting any of the following will give your agent the authority to take
actions that could significantly reduce your property or change how your property is
distributed at your death.)
A. Gifts or transfers - ONLY IF I have INITIALED below, my agent may
make gifts or transfer ownership of my assets outright or in trust to or for the benefit
of one or more of the following persons and only in the amounts specifically authorized
in the next section:
(___) My agent, subject to the following conditions, if any:
_________________________________________________________
_________________________________________________________
(___) My spouse
(___) My parents
(___) My grandparents
(___) My children and their descendants
(___) A nonprofit or charitable organization in a manner consistent
with my previous giving history
(___) The people and charitable organizations, if any, named in my
estate plan and in accordance with the terms of my estate plan that are in existence
at the time the gift is made
(___) My intestate heirs who would receive my estate under Maryland
law if I died a resident of Maryland without a will
(___) One or more of the following persons:
_________________________________________________________
_________________________________________________________
My agent is authorized to make gifts under this section in the following
amounts ONLY IF I have INITIALED below:
(___) In an amount not to exceed $_____ per person each calendar year
to the persons, nonprofits, or charitable organizations that I have specified in the
section above;
(___) In an amount for each person I have specified in the section above
not to exceed the annual dollar limits of the federal gift tax exclusion under § 2503(b)
of the Internal Revenue Code, or if my spouse agrees to consent to a split gift, in an
amount not to exceed the aggregate annual gift tax exclusion for both spouses;
(___) In an unlimited amount, for the purpose of estate planning or
qualifying me for a governmental benefit or program, with such gifts to be made in a
manner consistent with my existing estate plan, if any, and in accordance with State
law.
Special instructions for gifting desires - You may give special instructions for
gifting desires on the following lines:
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
B. Joint accounts and beneficiary designations - I authorize my agent to
do one or more of the following ONLY IF I have INITIALED below:
(____) Open a joint account with me and one or more other persons as account
owners. Each owner of a joint account has full legal authority to use the account for
their own benefit and on my death will become the property of the other owner(s).
(____) Create or change rights of survivorship in accounts or other assets in
which I have an interest, including for the benefit of my agent, to change a beneficiary
designation for any accounts or financial instruments, including life insurance
policies, annuities, or retirement accounts of any nature; and to waive my right to be
a beneficiary of a joint and survivor annuity, including a survivor benefit under a
retirement plan of any nature. In determining such rights or beneficiary interests,
my agent shall consider taxes, preservation of governmental benefits or programs, or
stated intentions regarding my estate.
DISCLAIMERS
For the purposes of tax planning or effectuating stated intentions regarding my
estate, I authorize my agent to disclaim any interest in property I might otherwise
receive, either outright or in trust, including for the benefit of my agent; any powers
I have over property or as a beneficiary of any trusts (excluding any powers I possess
in a fiduciary capacity); and any powers of appointment I have or may acquire
excluding any testamentary power of appointment that I currently exercise in my last
will and testament.
SPECIAL INSTRUCTIONS (OPTIONAL)
YOU MAY GIVE SPECIAL INSTRUCTIONS ON THE FOLLOWING LINES:
______________________________________________________________________________
______________________________________________________________________________
______________________________________________________________________________
______________________________________________________________________________
______________________________________________________________________________
______________________________________________________________________________
______________________________________________________________________________
_____________________________________________________________
EFFECTIVE DATE
This power of attorney is effective immediately unless I have stated otherwise in the
Special Instructions.
TERMINATION DATE
UNLESS I have specified a termination date below, this power of attorney IS
DURABLE, meaning it shall continue in full force and effect for an indefinite period
of time until my revocation of this power of attorney or my death, whichever occurs
first. I reserve the right to revoke this power of attorney. This power of attorney shall
not terminate upon my disability. All authority of my agent(s) shall continue even if
I become disabled, incompetent, or incapacitated.
This power of attorney shall terminate on ______________________________, 20____.
(Use a specific calendar date)
COPIES
A copy of this document shall have the same force and effect as the original unless
provided otherwise in special instructions.
REVOCATION
I hereby revoke all other powers of attorney that I have previously executed. This
section does not apply to powers of attorney executed on the same date as this power
of attorney or to limited powers of attorney that apply to specific accounts or to
specific property.
RELIANCE BY THIRD PARTIES
Anyone relying or acting upon this power of attorney shall be entitled to presume
conclusively that it is in full force and effect unless I have given written notice to that
person or entity that this power has been revoked. No one relying or acting upon this
power of attorney shall be required to see to the application and disposition of any
funds or other property paid to or delivered to my agent or any persons appointed by
my agent. I authorize my agent to seek damages against anyone who refused to honor
this power of attorney without having received notice that it has been revoked.
NOMINATION OF GUARDIAN (OPTIONAL)
If it becomes necessary for a court to appoint a guardian of my property or guardian
of my person, I nominate the following person(s) for appointment:
Name of nominee for guardian of my property: __________________________________
Nominee's address: ___________________________________________________________
Nominee's telephone number: _________________________________________________
Name of nominee for guardian of my person: ____________________________________
Nominee's address: ___________________________________________________________
Nominee's telephone number: _________________________________________________
DESIGNATION OF AGENT TO MAKE ELECTION TO TAKE ELECTIVE SHARE
(OPTIONAL)
If I am incapacitated within the meaning of § 17-101 of the Estates and Trusts
Article, I designate the following person as my agent for purposes of making the
election to take an elective share of an estate subject to election under § 3-403 of the
Estates and Trusts Article:
Name of designated agent: _____________________________________________________
Designated agent's address: ____________________________________________________
Designated agent's telephone number: __________________________________________
SIGNATURE AND ACKNOWLEDGMENT
________________________________________ __________________________
Your Signature Date
______________________________________________________________________________
Your Name Printed
______________________________________________________________________________
______________________________________________________________________________
Your Address
______________________________________________________________________________
Your Telephone Number
STATE OF MARYLAND
(COUNTY) OF _______________________________________________________________
This document was acknowledged before me on
__________________________
(Date)
By ______________________________________ to be his/her act.
(Name of Principal)
____________________________________________ (SEAL, IF ANY)
Signature of Notary
My commission expires: _____________________
WITNESS ATTESTATION
The foregoing power of attorney was, on the date written above, published and
declared by
____________________________________________
(Name of Principal)
in our presence to be his/her power of attorney. We, in his/her presence and at his/her
request, and in the presence of each other, have attested to the same and have signed
our names as attesting witnesses.
____________________________________________
Witness #1 Signature
____________________________________________
Witness #1 Name Printed
____________________________________________
____________________________________________
Witness #1 Address
____________________________________________
Witness #1 Telephone Number
____________________________________________
Witness #2 Signature
____________________________________________
Witness #2 Name Printed
____________________________________________
____________________________________________
Witness #2 Address
____________________________________________
Witness #2 Telephone Number"‹ Prev All Maryland sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.