What is a Springing Power of Attorney?
A Power of Attorney (POA) is written authorization for someone to act on your behalf and make decisions about your property, finances or medical care. You can appoint an agent to handle your choices. A power of attorney takes effect immediately upon signature and notarized.
A Springing Power of Attorney takes effect (or springs into action) only after certain conditions are met. According to the Legal Information Institute, “A power of attorney is springing when it takes place at some time in the future after signing.” It is most common for a springing power of attorney to occur when a person becomes incapacitated, whether from an accident or mental degeneration. But, it can be used when a person is leaving the country, is deployed in the military or for other reasons.
How to Set-up a Springing Power of Attorney
While you can fill out a power of attorney form that you find online, we strongly recommend contacting an estate planning attorney to help you correctly write a POA, including a springing power of attorney.
Here are several reasons why you want to work with a reliable estate planning lawyer when drafting your springing power of attorney:
Customized for you
The generic forms will not allow you to customize your springing power of attorney to meet your specific needs. If the wording is not legally binding, your agent may have trouble proving it should become active. Working with a professional ensures that a power of attorney will take effect at the right time and without going to court to prove your wishes.
Make sure you understand everything
You may have questions regarding a springing power of attorney. An estate lawyer will explain all the abilities and restrictions your agent will have and ensure you fully understand all your options.
More widely accepted
Financial and medical institutions are more apt to acknowledge a springing power attorney prepared by a lawyer over a generic form you filled out yourself.
No errors
When filling out a DIY form that you found online, there are more chances for errors and omissions than when working with an attorney. Suppose the springing power of attorney is not perfect. In that case, it can be invalid, making it impossible for the agent to work on your behalf without the court deeming you incapacitated.
Provides counsel for the agent
If needed, the attorney who drafted the springing power of attorney can answer questions that your agent may have. Since there are restrictions to any power of attorney, your agent may need advice on handling specific situations - your estate planning attorney understands what can and cannot be done.
Having an estate planning lawyer write your power of attorney ensures you receive what you need and want.
Choosing Your Agent
The ‘agent’ is the person you assign to handle your affairs when the specified conditions are met. This is someone you must trust completely with your finances and medical care - so choose this person carefully.
A power of attorney does not give your agent complete control over your financial and medical life; they have restrictions. For instance, your agent cannot:
Change your will
Make decisions not reflected in a POA
Give decision-making authority to someone else
Act on your behalf after your death
Once you, your attorney, and the agent draft the form, a springing power of attorney must be signed by two witnesses and notarized. You should keep the original and make several certified copies. Your agent will need these copies to present to the financial institutions and medical facilities.
Let Us Help Set Up Your Springing Power of Attorney
A power of attorney is one of the most critical documents you need. Working with an attorney specializing in estate planning will ensure you create a legally stable document. Together, we will discuss your needs and wishes regarding a springing power of attorney.
Once we know your requirements, we will guide you in choosing the right power of attorney. This will leave your family with the comfort of knowing they are taking the best possible care of you.
Giving anyone else authority to act on your behalf in financial and legal matters is a serious matter. A power of attorney gives someone considerable authority to take actions, within the scope of the POA. A skilled power of attorney lawyer can help you create a legal document that protects your interests while giving your agent the necessary authority to get the job done. With 20 years of experience in power of attorney execution, contact your trusted legal partner, Jammie Taire and the team at SmithTaire Legal.
Schedule an appointment with us today at 678-253-8133 to discuss your situation.