In general, a power of attorney is a document that gives an agent the ability to act on another person’s behalf. A financial power of attorney may allow that agent to access their bank accounts or pay their bills, for example. A medical power of attorney allows them to authorize medical treatments and work with doctors or nurses.
A springing power of attorney just means that a specific condition has to be met before the power of attorney applies. This condition is what causes it to “spring into effect.”
For example, many people draft a power of attorney and state that it only goes into effect if they have been declared medically incapacitated. This could happen after a heart attack, a stroke or mental decline due to Alzheimer’s or dementia, for instance. Only once they are incapacitated does their agent take over.
What is the benefit of a springing power of attorney?
The benefit of drafting the document this way is that the agent steps in when they are genuinely needed. If the condition is never met, they never have to take any steps on the other person’s behalf.
This means that a person can draft a power of attorney well in advance. Just because they choose a medical agent today does not mean that they give up the right to make their own medical decisions. That agent only gains that power once the individual in question has been declared incapacitated and cannot make those decisions themselves.
It is crucial to know exactly how to set up a power of attorney if you want to use one in your estate plan. An experienced estate planning attorney can assist with this process.