A Maryland general power of attorney (GPOA) is a legal document allowing a designated party to handle your financial matters in case you’re unavailable to do so yourself. Some powers you can assign as the principal include handling investments, opening bank accounts, withdrawing funds, and signing tax returns.
The principal will keep primary rights over their financial activities as long as they’re competent. This document is non-durable, meaning it terminates when the principal can no longer make decisions for themselves due to a disability. If you want to prolong the powers you designate to an agent, use a durable power of attorney instead.
Authority (Code of MD § 17–202) – An attorney-in-fact can act on the principal’s behalf and make decisions relating to their financial affairs.
Signing Requirements (Code of MD § 17–110) – Two witnesses and a notary public must be present when a principal signs their document.
Presumption of Durability (Code of MD § 17–105) – This document is inherently durable according to state law, so you must specify if you want it to be non-durable.