Maryland Statutory Form - Limited Power Of Attorney Template Page 19
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20________________________________________________________________________________
IMPORTANT INFORMATION FOR AGENT
Agent’s Duties
When you accept the authority granted under this power of attorney, a special legal
relationship is created between you and the principal. This relationship imposes on
you legal duties that continue until you resign or the power of attorney is terminated
or revoked. You must:
(1)
Do what you know the principal reasonably expects you to do with
the principal’s property or, if you do not know the principal’s expectations, act in the
principal’s best interest;
(2)
Act with care, competence, and diligence for the best interest of the
principal;
(3)
Do nothing beyond the authority granted in this power of attorney; and
(4)
Disclose your identity as an agent whenever you act for the principal
by writing or printing the name of the principal and signing your own name as “agent”
in the following manner:
__________________________________
______________________________________
(Principal’s Name) by
(Your Signature) as Agent
Unless the Special Instructions in this power of attorney state otherwise, you
must also:
(1)
Act loyally for the principal’s benefit;
(2)
Avoid conflicts that would impair your ability to act in the principal’s
best interest;
(3)
Keep a record of all receipts, disbursements, and transactions made on
behalf of the principal;
(4)
Cooperate with any person that has authority to make health care
decisions for the principal to do what you know the principal reasonably expects or,
if you do not know the principal’s expectations, to act in the principal’s best interest;
and
(5)
Attempt to preserve the principal’s estate plan if you know the plan
and preserving the plan is consistent with the principal’s best interest.
Termination of Agent’s Authority
You must stop acting on behalf of the principal if you learn of any event that
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