We all worry, or we should worry, about what will happen to all of our bills if we become incapacitated, even for a short period of time. What if you are in an accident and are in a coma, even in a medically induced coma, for several weeks? How do your weekly or monthly bills get paid?

As part of any estate plan each person should have a Financial Power of Attorney. It used to be that Financial Powers of Attorney were often rejected by various financial institutions because each bank had its own power of attorney form which it preferred over all others. In an effort to achieve some uniformity, the Maryland State Legislature passed a law requiring all Financial Institutions to accept a Maryland Statutory Power of Attorney form beginning October 1, 2010.

The Maryland Statutory Power of Attorney can be effective immediately or it can be effective when two physicians certify in writing that the person who signed the Power of Attorney is unable to make decisions for himself. It is very important for you to understand when a Power of Statutory Power of Attorney will be used and it is even more important for you to carefully consider the person who you are designating to have the power to take care of your financial affairs if you are unable to do so.

Most Statutory Powers of Attorney are prepared along with the preparation of a Will, a Trust and other estate planning documents.

A Financial Power of Attorney enables the person you designate as your attorney-in-fact to access all of your money and other assets, to sell, mortgage and transfer assets, to sign checks, sell your home and take care of all other financial issues on your behalf.