![]() ![]() 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.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.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.Enter into voting trusts, and consent to limitations on the right to vote.Receive certificates and other evidence of ownership with respect to stocks and bonds exercise voting rights with respect to stocks and bonds in person or by proxy.Buy, sell, and exchange stocks and bonds establish, continue, modify, or terminate an account with respect to stocks and bonds pledge stocks and bond as security to borrow, pay, renew, or extend the time of payment of a debt of the principal.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.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.Signing Requirements – The principal, two (2) credible witnesses, and a notary public are required to supply their signatures.A financial agent with durable power of attorney will be able to secure funds for medical treatment, pay bills, manage investments, and serve other financial needs in the principal’s best interests. A “durable” power of attorney means that the representative has authority to sign in the principal’s name even if they are incapacitated. To appoint a financial agent, the principal will need to complete a Durable Power of Attorney form. The agent is expected to act only according to the wishes and best interests of the principal. Having a financial agent who is able to act in their stead ensures that the principal’s finances will be managed by a competent individual while they are either incapacitated or unavailable. It is strongly suggested that a professional attorney is consulted before these documents are signed.Ī f inancial agent is an individual who has been appointed by the principal to represent them in making financial decisions and is authorized to sign legal documents on their behalf. The person drafting the legal documents is referred to as the “principal” throughout the instructions. In addition to preparing for the distribution of an individual’s estate after their death, they can also plan for what will happen in the event that they are incapacitated. Residents of Maryland can follow the steps of this guide to obtain the appropriate forms they need to accomplish their estate planning goals. Designate Beneficiaries and Other Roles.How to Create an Estate Plan in Maryland (6 steps) After an individual dies they will need to have made a Last Will and Testament or Living Trust in order for their estate to be distributed in accordance with their wishes. The Advance Directive (Medical Power of Attorney) and Durable Power of Attorney forms appoint one (1) or more individuals to represent an individual if they are incapacitated. There are multiple legal documents that must be completed to ensure that decisions are made according to an individual’s wishes and best interests when they are unable to do so themselves due to incapacitation. ![]() A Maryland estate planning checklist is a list of tasks and documents to complete when planning for end-of-life medical treatments, financial management, and the distribution of estates.
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