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

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 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)

• 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

• 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

• • (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

SUBJECTS AND AUTHORITY

My agent's authority shall include the authority to act as stated below with

regard to each of the following subjects:

• 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.

• 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)

• ____

  ____

  ____

  ____

  ____

  ____

  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

• Name of nominee for guardian of my property:____

  Nominee's address:____

  Nominee's telephone number:____

• ____

  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"