Article - Estates and Trusts

1 Article EstatesandTrusts[Previous][Next][Another Article ] 17 202. (theprincipal) (youragent)tomakedecisionsconcerningyour propertyforyou(theprincipal).Youragentwi llbeabletomakedecisionsandactwithrespect toyourproperty(includingyourmoney) ,generallytheagent ,youmayinsteaduseaMarylandStatutoryFormL imitedPowerofAttorneyandmarkonthatMaryla ndStatutoryFormLimitedPowerofAttorneywhi chpowersyouintendtodelegatetoyourattorne y in fact(theAgent) ,_____,(NameofPrincipal)Namethefollowing personasmyagent:NameofAgent:_____Agent sAddress:_____Agent sTelephoneNumber:_____DesignationofSucce ssorAgent(s)(Optional)Ifmyagentisunableo runwillingtoactforme,Inameasmysuccessora gent:NameofSuccessorAgent:_____ 1 SuccessorAgent sAddress:_____SuccessorAgent sTelephoneNumber:_____Ifmysuccessoragent isunableorunwillingtoactforme,Inameasmys econdsuccessoragent:NameofSecondSuccesso rAgent:_____SecondSuccessorAgent sAddress:_____SecondSuccessorAgent sTelephoneNumber.

2 _____GRANTOFGENERALAUTHORITYI( theprincipal )grantmyagentandanysuccessoragent,withre specttoeachsubjectlistedbelow,theauthori tytodoallactsthatIcoulddoto:(1)Contractw ithanotherperson,ontermsagreeabletotheag ent,toaccomplishapurposeofatransactionan dperform,rescind,cancel,terminate,reform ,restate,release,ormodifythecontractoran othercontractmadebyoronbehalfoftheprinci pal;(2)Execute,acknowledge,seal,deliver, file,orrecordanyinstrumentorcommunicatio ntheagentconsidersdesirabletoaccomplisha purposeofatransaction;(3)Seekontheprinci pal sbehalftheassistanceofacourtorothergover nmentalagencytocarryoutanactauthorizedin thispowerofattorney;(4)Initiate,particip atein,submittoalternativedisputeresoluti on,settle,oppose,orproposeoracceptacompr omisewithrespecttoaclaimexistinginfavoro foragainsttheprincipalorinterveneinlitig ationrelatingtotheclaim;(5)Engage,compen sate,anddischargeanattorney,accountant,d iscretionaryinvestmentmanager,expertwitn ess,orotheradvisor;(6)Prepare,execute,an dfilearecord,report,orotherdocumenttosaf eguardorpromotetheprincipal sinterestunderastatuteorregulationandcom municatewithrepresentativesoremployeesof agovernmentorgovernmentalsubdivision,age ncy,orinstrumentality,onbehalfoftheprinc ipal;and(7)Dolawfulactswithrespecttothes ubjectandallpropertyrelatedtothesubject.

3 2 Myagent sauthorityshallincludetheauthoritytoacta sstatedbelowwithregardtoeachofthefollowi ngsubjects:SUBJECTSANDAUTHORITYR ealproperty Withrespecttothissubject,Iauthorizemyage ntto:demand,buy,sell,convey,lease,receiv e,acceptasagiftorassecurityforanextensio nofcredit,orotherwiseacquireorrejectanin terestinrealpropertyorarightincidenttore alproperty;pledgeormortgageaninterestinr ealpropertyorrightincidenttorealproperty assecuritytoborrowmoneyorpay,renew,orext endthetimeofpaymentofadebtoftheprincipal oradebtguaranteedbytheprincipal,includin gareversemortgage;release,assign,satisfy ,orenforcebylitigationorotherwiseamortga ge,deedoftrust,conditionalsalecontract,e ncumbrance,lien,orotherclaimtorealproper tythatexistsorisasserted;andmanageorcons erveaninterestinrealpropertyorarightinci denttorealpropertyownedorclaimedtobeowne dbytheprincipal,including:(1)insuringaga instliabilityorcasualtyorotherloss;(2)ob tainingorregainingpossessionoforprotecti ngtheinterestorrightbylitigationorotherw ise;(3)paying,assessing,compromising,orc ontestingtaxesorassessmentsorapplyingfor andreceivingrefundsinconnectionwiththem; and(4)purchasingsupplies,hiringassistanc eorlabor, Withrespecttothissubject,Iauthorizemyage ntto:buy,sell,andexchangestocksandbonds; establish,continue,modify,orterminateana ccountwithrespecttostocksandbonds;pledge stocksandbondsassecuritytoborrow,pay,ren ew,orextendthetimeofpaymentofadebtofthep rincipal;receivecertificatesandotherevid encesofownershipwithrespecttostocksandbo nds.

4 Exercisevotingrightswithrespecttostocksa ndbondsinpersonorbyproxy,enterintovoting Trusts , Withrespecttothissubject,Iauthorizemyage ntto:continue,modify,andterminateanaccou ntorotherbankingarrangementmadebyoronbeh alfoftheprincipal;establish,modify,andte rminateanaccountorotherbankingarrangemen twithabank,trustcompany,savingsandloanas sociation,creditunion,thriftcompany,brok eragefirm,orotherfinancialinstitutionsel ectedbytheagent;contractforservicesavail ablefromafinancialinstitution,includingr entingasafedepositboxorspaceinavault;wit hdraw,bycheck,moneyorder,electronicfunds transfer,orotherwise,moneyorpropertyofth eprincipaldepositedwithorleftinthecustod yofafinancialinstitution;receivestatemen tsofaccount,vouchers,notices,andsimilard ocumentsfromafinancialinstitutionandactw ithrespecttothem;enterasafedepositboxorv aultandwithdraworaddtothecontents;borrow moneyandpledgeassecuritypersonalproperty oftheprincipalnecessarytoborrowmoneyorpa y,renew,orextendthetimeofpaymentofadebto ftheprincipaloradebtguaranteedbytheprinc ipal;make,assign,draw,endorse,discount,g uarantee,andnegotiatepromissorynotes,che cks,drafts,andothernegotiableornonnegoti ablepaperoftheprincipalorpayabletothepri ncipalortheprincipal sorder,transfermoney,receivethecashoroth erproceedsofthosetransactions;andapplyfo r,receive,andusecreditcardsanddebitcards ,electronictransactionauthorizations,and traveler schecksfromafinancial 3 Withrespecttothissubject,Iauthorizemyage ntto:continue,paythepremiumormakeacontri butionon,modify,exchange,rescind,release ,orterminateacontractprocuredbyoronbehal foftheprincipalthatinsuresorprovidesanan nuitytoeithertheprincipaloranotherperson ,whetherornottheprincipalisabeneficiaryu nderthecontract.

5 Procurenew,different,andadditionalcontra ctsofinsuranceandannuitiesfortheprincipa landselecttheamount,typeofinsuranceorann uity,andmodeofpayment;paythepremiumormak eacontributionon,modify,exchange,rescind ,release,orterminateacontractofinsurance orannuityprocuredbytheagent;applyforandr eceivealoansecuredbyacontractofinsurance orannuity;surrenderandreceivethecashsurr endervalueonacontractofinsuranceorannuit y;exerciseanelection;exerciseinvestmentp owersavailableunderacontractofinsuranceo rannuity;changethemannerofpayingpremiums onacontractofinsuranceorannuity;changeor convertthetypeofinsuranceorannuitywithre specttowhichtheprincipalhasorclaimstohav eauthoritydescribedinthissection;applyfo randprocureabenefitorassistanceunderasta tuteorregulationtoguaranteeorpaypremiums ofacontractofinsuranceonthelifeoftheprin cipal;collect,sell,assign,hypothecate,bo rrowagainst,orpledgetheinterestoftheprin cipalinacontractofinsuranceorannuity;sel ecttheformandtimingofthepaymentofproceed sfromacontractofinsuranceorannuity;pay,f romproceedsorotherwise,compromiseorconte st, Withrespecttothissubject,Iauthorizemyage ntto:assertandmaintainbeforeacourtoradmi nistrativeagencyaclaim,claimforrelief,ca useofaction,counterclaim,offset,recoupme nt,ordefense,includinganactiontorecoverp ropertyorotherthingofvalue,recoverdamage ssustainedbytheprincipal,eliminateormodi fytaxliability,orseekaninjunction,specif icperformance,orotherrelief.

6 Actfortheprincipalwithrespecttobankruptc yorinsolvency,whethervoluntaryorinvolunt ary,concerningtheprincipalorsomeotherper son,orwithrespecttoareorganization,recei vership,orapplicationfortheappointmentof areceiverortrusteethataffectsaninteresto ftheprincipalinpropertyorotherthingofval ue;payajudgment,award,ororderagainstthep rincipalorasettlementmadeinconnectionwit haclaimorlitigation; (includinganybenefit,program,orassistanc eprovidedunderastatuteorregulationinclud ingSocialSecurity,Medicare,andMedicaid) Withrespecttothissubject,Iauthorizemyage ntto:executevouchersinthenameoftheprinci palforallowancesandreimbursementspayable bytheUnitedStatesoraforeigngovernmentorb yastateorsubdivisionofastatetotheprincip al;enrollin,applyfor,select,reject,chang e,amend,ordiscontinue,ontheprincipal sbehalf,abenefitorprogram;prepare,file,a ndmaintainaclaimoftheprincipalforabenefi torassistance,financialorotherwise,towhi chtheprincipalmaybeentitledunderastatute orregulation;initiate,participatein,subm ittoalternative 4 disputeresolution,settle,oppose,orpropos eoracceptacompromisewithrespecttolitigat ionconcerningabenefitorassistancetheprin cipalmaybeentitledtoreceiveunderastatute orregulation;andreceivethefinancialproce edsofaclaimdescribedaboveandconserve,inv est,disburse, (includingaplanoraccountcreatedbyanemplo yer,theprincipal,oranotherindividualtopr ovideretirementbenefitsordeferredcompens ationofwhichtheprincipalisaparticipant,b eneficiary,orowner,includingaplanoraccou ntunderthefollowingsectionsoftheInternal RevenueCode:(1)anindividualretirementacc ountunderInternalRevenueCodeSection408, 408.)

7 (2)aRothindividualretirementaccountunder InternalRevenueCodeSection408(a), 408(A);(3)adeemedindividualretirementacc ountunderInternalRevenueCodeSection408(q ), 408(q);(4)anannuityormutualfundcustodial accountunderInternalRevenueCodeSection40 3(b), 403(b);(5)apension,profit sharing,stockbonus,orotherretirementplan qualifiedunderInternalRevenueCodeSection 401(a), 401(a);(6)aplanunderInternalRevenueCodeS ection457(b), 457(b);and(7)anonqualifieddeferredcompen sationplanunderInternalRevenueCodeSectio n409(a), 409(A) Withrespecttothissubject,Iauthorizemyage ntto:selecttheformandtimingofpaymentsund eraretirementplanandwithdrawbenefitsfrom aplan;makearollover,includingadirecttrus tee to trusteerollover,ofbenefitsfromoneretirem entplantoanother;establisharetirementpla nintheprincipal sname;makecontributionstoaretirementplan ;exerciseinvestmentpowersavailableundera retirementplan;borrowfrom,sellassetsto, Withrespecttothissubject,Iauthorizemyage ntto:prepare,sign,andfilefederal,state,l ocal,andforeignincome,gift,payroll,prope rty,federalinsurancecontributionsact,and othertaxreturns,claimsforrefunds,request sforextensionoftime,petitionsregardingta xmatters,andothertax relateddocuments,includingreceipts,offer s,waivers,consents,includingconsentsanda greementsunderInternalRevenueCodeSection 2032(a), 2032(a),closingagreements,andotherpowers ofattorneyrequiredbytheInternalRevenueSe rviceorothertaxingauthoritywithrespectto ataxyearonwhichthestatuteoflimitationsha snotrunandthefollowing25taxyears;paytaxe sdue,collectrefunds,postbonds,receivecon fidentialinformation,andcontestdeficienc iesdeterminedbytheInternalRevenueService orothertaxingauthority.

8 Exerciseelectionsavailabletotheprincipal underfederal,state,local,orforeigntaxlaw ;andactfortheprincipalinalltaxmattersfor allperiodsbeforetheInternalRevenueServic e, (OPTIONAL)YOUMAYGIVESPECIALINSTRUCTIONSO NTHEFOLLOWINGLINES:_____ 5 (OPTIONAL)Thispowerofattorneyshalltermin ateon_____,20_____.(Useaspecificcalendar date)NOMINATIONOFGUARDIAN(OPTIONAL)Ifitb ecomesnecessaryforacourttoappointaguardi anofmyestateorguardianofmyperson,Inomina tethefollowingperson(s)forappointment:Na meofnomineeforguardianofmyproperty:()Mya gent(orsuccessoragent)namedaboveor_____N ominee saddress:_____Nominee stelephonenumber:_____Nameofnomineeforgu ardianofmyperson:()Myagent(orsuccessorag ent)namedaboveor_____Nominee saddress:_____Nominee stelephonenumber:_____SIGNATUREANDACKNOW LEDGMENT_____YourSignatureDate_____YourN amePrinted_____YourAddress_____YourTelep honeNumber 6 STATEOFMARYLAND(COUNTY)OF_____Thisdocume ntwasacknowledgedbeforemeon_____,(Date)B y_____tobehis/heract.

9 (NameofPrincipal)_____(SEAL,IFANY)Signat ureofNotaryMycommissionexpires:_____WITN ESSATTESTATIONT heforegoingpowerofattorneywas,onthedatew rittenabove,publishedanddeclaredby_____( NameofPrincipal) ,inhis/herpresenceandathis/herrequest,an dinthepresenceofeachother, #1 Signature_____Witness#1 NamePrinted_____Witness#1 Address_____Witness#1 TelephoneNumber_____Witness#2 Signature_____Witness#2 NamePrinted_____Witness#2 Address_____Witness#2 TelephoneNumber [Previous][Next][AnotherArticle] 7