2017 Maryland Code
Estates and Trusts
Title 17 - Maryland General and Limited Power of Attorney Act
Subtitle 2 - Statutory Forms
§ 17-202. Statutory form -- Personal financial power of attorney

  • "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.

    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.

    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:____

      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.

  • 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;

      enroll in, apply for, select, reject, change, amend, or discontinue, on the

      principal's behalf, a 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 2032(A),

      26 U.S.C. § 2032(A), 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.

      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 (OPTIONAL)

      This power of attorney shall terminate on ____, 20____ .

      (Use a specific calendar date)

      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:____

      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"

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