Springing Power Of Attorney Form With Answer

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

A springing power of attorney takes effect (or ?springs?) after you have been incapacitated or are otherwise unable to act on your own behalf. Until then it has no effect, meaning that you can assign someone power of attorney in case you need someone to make decisions for you.

The POA cannot transfer the responsibility to another Agent at any time. The POA cannot make any legal or financial decisions after the death of the Principal, at which point the Executor of the Estate would take over. The POA cannot distribute inheritances or transfer assets after the death of the Principal.

A springing POA is a document that doesn't take effect immediately but rather ?springs" into action should you be declared incompetent, unable to make your own decisions, or unable to take care of your financial needs.

Typically, you specify the ?springing? conditions in the POA document itself. You might include a situation in which you become incapacitated or unable to make decisions. Until the triggering event occurs, your agent does not have the authority to act on your behalf.

Delay. Instead of being able to use the power of attorney as soon as the need arises, the agent must get a "determination" of your incapacity before using the document. In other words, someone ? usually a doctor ? must certify that you can no longer make your own decisions.

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Springing Power Of Attorney Form With Answer