Many people have heard of a power of attorney, and may have a general understanding that these documents are designed to allow somebody else to act on their behalf. However, what people may not be aware of is that there are different types of power of attorney documents that can be used depending on the requirements for each particular situation. One type of power of attorney is called a “springing power of attorney.” Here, we want to discuss what a springing POA is used for and how one may be helpful in your life.
A power of attorney is a legal document that a person implements to allow another individual to have control over some or all of their financial assets. A person can also assign a medical power of attorney to an individual to make healthcare choices for them. POAs are very powerful, and they can give somebody significant control over the assets and medical decisions of others. A POA is beneficial in various circumstances, including:
However, you may not want somebody to have a power of attorney over you if you are of a sound mind and relatively healthy. That is where a springing power of attorney will help. As the name implies, a springing power of attorney derives its name from the fact that it “springs” into action if you become incapacitated.
If you have granted a springing power of attorney to somebody else, it won’t go into effect unless you become incapacitated. This can include incapacity due to an injury or illness. Under no circumstances will a person who has a springing power of attorney over your affairs be able to control your finances or medical decisions if you are not incapacitated.
If you are of sound mind and not incapacitated, the springing power of attorney can be revoked at any time. When you create a springing power of attorney, it is important to create the power of attorney with language that requires a doctor’s certification of mental incapacitation or incompetence in order for the POA to spring into action. These guidelines will help clear up ambiguity about when a springing power of attorney should be activated. We do not want avoidable conflict between the person you name to serve as your agent and other parties interested in your affairs.
If you or somebody you care about are considering powers of attorney that may be necessary for your life, you should seek assistance from a skilled Santa Clarita estate planning attorney. At the Law Offices of Andrew Cohen, our qualified and experienced team will review your situation and help determine what type of power of attorney is best for your life. Our lawyer will gladly explain what a springing power of attorney is and why you may or may not want one for your situation. When you need assistance, you can contact us for a free consultation of your situation by clicking here or calling 661-481-0100.