Signing Requirements
The principal must sign in the presence of a notary public and attested and signed by at least two adult witnesses who affix their signatures in the presence of the principal and of each other.[1]
Powers Granted
A principal may grant to an agent the power to do any legal act that the principal may do. For example, the principal may choose to grant the agent decision making authority over any of the following areas:[2]
- Real property;
- Stocks and bonds;
- Banks and other financial institutions;
- Insurance and annuities;
- Claims and litigation;
- Benefits from governmental programs or civil or military service;
- Retirement plans;
- Taxes; and
- Digital assets.
“Durable” Definition
“durable power of attorney” means a power of attorney by which a principal designates another as an attorney in fact or agent and the authority is exercisable notwithstanding the principal’s subsequent disability or incapacity.[3]
“Power of Attorney” Definition
“Power of attorney” means a writing or other record that grants authority to an agent to act in the place of the principal, whether or not the term “power of attorney” is used.[4]
Revocation
A power of attorney shall terminate when:[5]
- The principal dies;
- The principal revokes the power of attorney;
- The power of attorney provides that it terminates;
- The purpose of the power of attorney is accomplished; or
- The principal revokes the agent’s authority or the agent dies, becomes incapacitated, or resigns, and the power of attorney does not provide for another agent to act under the power of attorney.
An agent’s authority shall terminate when:[6]
- The principal revokes the agent’s authority;
- The agent dies, becomes incapacitated, or resigns;
- The principal and agent divorce; or
- The power of attorney terminates.
Statutory Form
Yes, the State of Maryland has a statutory form.[7]