Maryland Revoking Financial Power of Attorney FAQs

A power of attorney is a transfer of power to someone you trust.

A power of attorney is a document that enables one person to grant some or all of their personal power to someone else. The person granting the power is referred to as the principal, while the person receiving the power is the agent.

What Types of Power of Attorney Are There?

A power of attorney may look like the others, but certain features set them apart.

A variety of power of attorney arrangements exist. In Maryland, there are six types of power of attorney arrangements, each with unique features that set them a part: general, durable, special, irrevocable, springing, and advance directive or health care.

What Is Best Interest?

The best interest of a principal is applied to health concerns.

In Maryland, where an advance or health care power of attorney has been put into place, the agent is required to act in the best interest of the principal. These considerations include, but are not limited to how much pain the principle is in, the prognosis without treatment, the principal's mental ability and expected life versus comfort of the principal. These are difficult decisions ideally being made by someone the principal trusts.

Can a Power of Attorney Be Revoked?

An irrevocable power of attorney might only be overturned if there was some wrongdoing.

The only way a power of attorney can not be revoked, is if is coupled with an interest. This should generally be clearly stated at the outset of the document, but if not, the primary question is does the power of attorney grant anything else besides legal rights? Or does it grant the agent or principal some other unique benefit? A financial, or any other power of attorney, is revocable by the principal at any time, unless it is made and deemed irrevocable. An irrevocable power of attorney functions just as it sounds, it can not be revoked.

References

• FAQ on Maryland Power of Attorney
• Maryland State Library
• Financial Power of Attorney Form

Resources

• Maryland Attorney General