A springing power of attorney is a power of attorney that takes effect after the expiration of a specified time or after the occurrence or non-occurrence of a specified event. The event could be the issuance of a letter by a doctor that the principal has lost capacity or something similar. After such incapacitation the power is identical to a durable power, but cannot be invoked before the incapacity. The power has been created but lies dormant. It is brought to life on the happening of the specified event: it springs into effect at that time. If a springing power is used, care should be given to specifying exactly how and when the power springs into effect.
Power of attorney is a legal document that grants authority to an individual, known as the agent or attorney-in-fact, to act on behalf of another person, referred to as the principal, in making important financial and legal decisions. In Virginia, the regulations governing power of attorney are provided under the Virginia Uniform Power of Attorney Act. The Power of Attorney Act in Virginia recognizes various types of power of attorney, each serving a specific purpose. Understanding these different types can help individuals ensure they choose the appropriate one for their specific needs. Here are the main types of power of attorney recognized in Virginia: 1. General Power of Attorney: This type of power of attorney confers broad powers to the agent, allowing them to handle a range of financial and legal matters on behalf of the principal. It remains in effect until the principal revokes it, becomes incapacitated, or passes away. 2. Limited Power of Attorney: Here, the principal specifies the scope and limitations of the agent's authority. It can be tailored to a specific transaction, period, or purpose. For instance, it may grant the agent the authority to manage a real estate transaction or make healthcare decisions for a limited duration. 3. Durable Power of Attorney: This type of power of attorney remains valid even if the principal becomes incapacitated or mentally incompetent. It ensures that there is a designated agent who can continue to act on the principal's behalf despite their inability to make decisions. 4. Springing Power of Attorney: Unlike other types where the agent's authority is immediately effective, a springing power of attorney only goes into effect under specific conditions specified by the principal. The triggering event can be the principal's incapacitation, illness, or any other predefined circumstance. 5. Medical Power of Attorney: This specific power of attorney authorizes the agent to make healthcare decisions on the principal's behalf. It grants authority to discuss the principal's medical conditions, consent to treatments, and choose healthcare providers when the principal is unable to do so. It is important to note that drafting and executing a power of attorney in Virginia requires compliance with the statutory formalities outlined in the Virginia Uniform Power of Attorney Act. Additionally, it is strongly advised to consult with an experienced attorney to ensure the power of attorney accurately reflects the principal's wishes and protects their interests. Regular review and updating of the power of attorney, especially in times of changing circumstances, is also recommended maintaining its relevancy.
