The Maryland statutory durable power of attorney assigns authority to an agent to make financial decisions on behalf of a principal (the individual for whom the contract is drafted). The document lists the financial powers that the agent will be granted and the date that their authority becomes effective. The principal may also enter any special instructions or notes they would like the agent to follow. Unless a specific expiration date is included, this power of attorney only terminates if the principal dies or revokes it in writing. Therefore, the agent will be able to manage the principal’s financial matters in the event of their incapacitation.
Agent’s Duties – § 17–113
Signing Requirements (§ 17–110) – Two (2) Witnesses and Notary Public
Statutory Form – § 17-202
Statute – § 17–105(a)
[…] “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.