An often overlooked and useful estate planning tool is a Power of Attorney for Minor Children. This document authorizes a temporary guardianship arrangement between the parent(s) of a child under the age of eighteen (18) and an appointed guardian (agent or attorney-in-fact) to ensure that the child is cared for in the absence of the parent(s). It outlines and provides parental powers to the Agent to make health, education, and travel decisions related to the child. This
type of power of attorney is incredibly useful for parent(s) in the event of business travel, military deployment, long-term hospitalization or even vacation.
New Maryland Statutory Financial Power of Attorney Form
As of October 1, 2023, a new form of the Maryland Statutory Financial Power of Attorney went into effect. The new law expands your agent’s powers which include, but are not limited to, the ability to (i) appoint a successor agent; (ii) make gifts on behalf of the...