Define: Springing Durable Power Of Attorney

A Springing Durable Power of Attorney is a legal document that grants someone the authority to make financial and legal decisions on your behalf, but only becomes effective if you become incapacitated or unable to make decisions for yourself.

Unlike a regular Power of Attorney, which is effective immediately upon signing, a Springing Durable Power of Attorney only becomes effective when a specific event, such as incapacity, occurs.

The agent appointed under a Springing Durable Power of Attorney can make a wide range of financial and legal decisions, including managing bank accounts, paying bills, making investments, and even selling or purchasing property on your behalf.

The specific triggering event that activates the Springing Durable Power of Attorney should be clearly defined in the document. This event is typically determined by a medical professional who confirms your incapacity or inability to make decisions.

Yes, you can revoke a Springing Durable Power of Attorney at any time, as long as you are mentally competent. You can do so by creating a new document revoking the previous one or by notifying your agent in writing.

Yes, you can appoint multiple agents to act jointly or separately. However, it is important to clearly define their roles and responsibilities to avoid conflicts or confusion.

Yes, you can include specific instructions or limitations in the document to restrict the powers of your agent. For example, you can specify that the agent cannot sell certain assets or make certain financial decisions without your prior approval.

Yes, you can change your agent at any time by creating a new document revoking the previous appointment and appointing a new agent. It is important to update your estate planning documents accordingly.

No, a Springing Durable Power of Attorney specifically deals with financial and legal matters. To appoint someone to make healthcare decisions on your behalf, you would need to create a separate document called a Healthcare Power of Attorney or Advance Directive.

While it is not legally required to have an attorney, it is highly recommended to consult with an experienced estate planning attorney to ensure that your Springing Durable Power of Attorney is properly drafted and complies with the laws of your jurisdiction.