Springing Power Of Attorney Form With Adults With Disabilities

State:
Multi-State
Control #:
US-03394BG
Format:
Word; 
Rich Text
Instant download

Description

Not for use in Florida or other States that have excluded it from their laws. Instead use one of the State Specific forms.



A power of attorney is an instrument containing an authorization for one to act as the agent of the principal that terminates at some point in the future either by its terms or by operation of law such as death of the principal or agent. The person appointed is usually called an Attorney-in-Fact. In most cases, a power of attorney takes effect when signed. This may be troublesome for someone who wishes to provide for the management of his or her financial affairs in the event of a future disability but does not want to grant broad powers to a person who could act immediately. The solution is the springing power of attorney. The springing power of attorney becomes effective only at some specified future time or upon the occurrence of a specified event, such as incapacity. Thus the authority of the attorney-in-fact cannot be exercised until there is a need. Most, but not all, states allow a springing power of attorney.


This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.

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FAQ

In general, the principal's money or property cannot be transferred to themselves by either type of power of attorney. Note that this restriction applies regardless of whether the principal is alive or dead at the time they sign their power of attorney document.

The difference has to do with whether the powers remain effective after the onset of a disability. That is, the regular power of attorney ceases to be effective if you become disabled, whereas the ?durable? power of attorney continues to be effective despite your subsequent disability.

Power of Attorney for Property (POA) is a legal document that gives a person the right to act on someone else's behalf. This article is intended to share with your clients and their families with the recommendation that they seek professional advice. Can a bank refuse a Power of Attorney? Yes, they can!

This is known as a ?Springing Power of Attorney? because the power literally springs-up upon a certain event or date. A Springing POA can be preferable because it limits your attorney's ability to act without cause. Note that a Springing POA is not better or worse than other types.

For most people, the best option is to have a general durable power of attorney because it gives your agent broad powers that will remain in effect if you lose the ability to handle your own finances. An attorney can customize a general POA to limit powers even more?or add powers, Berkley says.

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Springing Power Of Attorney Form With Adults With Disabilities