MANAGING ASSETS OR BENEFITS Access to financial and other records, applying for benefits, spend down options (for benefit eligibility), paying bills or managing income
Options Financial power of attorney Authorized representative for medical assistance Representative Payees and U.S. Department of Veterans Affairs Fiduciaries Achieving Better Life Experience (ABLE) accounts Trusts including special needs trusts Banking services Specific transaction (Transaction authorized by court without appointing guardian)
Observations and Notes
Under some circumstances, refusal to recognize a valid POA can result in financial penalties. If a patient has a POA, they likely do not need a guardian of the property. Agents can assist with paperwork associated with discharge or transfer, apply for benefits, and handle other financial matters. Agents have different levels of knowledge and experience. They may need information about options and resources to help them decide how to address the patient’s specific needs. Effective communication is key. Md. Code, Estates & Trusts Art., § 17-101 et seq. (Maryland General and Limited Power of Attorney Act) Authorized representative for medical assistance. An authorized representative is an individual or organization that can act on behalf of an applicant for or recipient of Medical Assistance (MA). They can help the patient apply or establish eligibility for MA, complete annual redeterminations, appeal denials or terminations, and communicate with the MA program. Even if the patient is unable to complete these tasks, with or without assistance, they may have the level of capacity needed to designate another person or organization to serve as their authorized representative. While a form to designate an authorized representative is available, any signed writing designating an authorized representative is acceptable. 17
Financial power of attorney. A financial power of attorney is a legal document that gives another person (an agent or “attorney-in-fact”) legal authority to make decisions for or handle financial or business affairs on behalf of another person (the principal). The principal creates the document, names the agent, defines the agent’s powers, and designates what property or affairs the agent can manage. In Maryland, anyone who is at least 18 years old and competent (understands what the document is, what powers they’re giving their agent, and what property is covered by the financial POA) can create a POA. There are rules about who can be an agent and what the document needs to include. There are forms that are sometimes referred to a “statutory power of attorney” forms that can be used. Other states may have different requirements. WATCH VIDEO SCAN ME The principal also decides when the agent’s authority goes into effect. For example, a POA can go into effect right away or when the principal is determined to be incapacitated. The POA is meant to ensure that the principal’s wishes, values, and preferences are respected.
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