If you have not changed your general power of attorney in several years, or are relying on a form you purchased online, you may want to consider consulting with one of our attorneys about the Maryland General and Limited Power of Attorney Act (Loretta’s Law) which became effective on October 1, 2010.
This Act has strict requirements regarding the execution of powers of attorney in Maryland, requirements which are more stringent than the execution requirements for a will. This Act also provides that if you sign a statutorily provided form power of attorney, that a court can mandate its acceptance if a financial institution or individual tries to refuse to accept it. Bottom line – this Act provides benefits to you which should be explained by counsel.
If your power of attorney was signed before October 1, 2010, it still remains effective if it was originally a validly signed power of attorney. But you may be missing out on some protections allowed by this new statute. Seek the advice of counsel to see if you should sign a new document!