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Advance Medical Health Care Directive >> Springing Financial Power of Attorney >> Springing Power of Attorney. What is it's purpose?

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Discussion: Springing Power of Attorney. What is it's purpose?+

#498, posted 25 Jul 2022 11:14 pm, in reply to #496307 words
Customer Support (Offline)

Joined 26 Jan 2022 1:01 pm

163 posts

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Dear Elain,

The Springing Durable General Power of Attorney is a document that authorizes a third person (your attorney in fact) to handle your property matters only when and if you become disabled or incompetent and unable to handle these matters by yourself.

Some people do not feel comfortable delegating a wide range of authorities to an Agent immediately after signing the Power of Attorney. This is why they use a Springing Power of Attorney. Note, however, that the Springing Power of Attorney may cause potential issues if there is any disagreement among doctors or family members regarding the actual moment of your disability.

Please note that before the Springing Durable General Power of Attorney may come into effect, there must be a formal determination of the disability of the Principal. In other words, in your Springing Durable Power of Attorney you indicate that two designated physicians must agree, and put in writing (an affidavit), their opinion that you are disabled or incompetent to manage your affairs due to your illness. Only after such an affidavit is signed and attached to the Power of Attorney may your Agent act as your attorney-in-fact.

This power of attorney does not authorize anyone to make medical or other health care decisions on your behalf.

The Durable Springing Power of Attorney for Property and Finance gives the person whom you designate (your "Agent" or "attorney-in-fact") broad powers to handle your property, tangible or intangible. Among the issues discussed in general in the durable power of attorney are real property and personal property transactions, stock and bond transactions, commodity and options transactions, banking, estate and trusts, claims and litigation, personal and family maintenance, division of social security and other governmental benefits, retirement plan transactions, and tax matters. However, you may limit the powers you grant to your agent.

Best regards,
Customer Support

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