Why a springing power of attorney is important

A power of attorney is a legal document that allows you to give someone else the authority to make decisions on your behalf. For instance, a financial power of attorney could allow them to access your bank account or pay your bills. A medical power of attorney could enable your appointed agent to talk to your doctors and make key medical decisions, such as under what conditions you’ll be kept on life support.

However, you may be concerned that drafting a power of attorney today means you have to give up your rights immediately. While you want someone else to be able to make your medical decisions in the future, that doesn’t mean you want to relinquish those rights now. This is where a springing power of attorney can be useful.

A triggering event

With a springing power of attorney, you can define how and when your agent will be authorized to act on your behalf. The document specifies a triggering event that activates the power of attorney. Until this event occurs, your rights remain fully intact, and your agent cannot override your decisions.

For example, you may worry about losing the ability to make decisions if you experience a degenerative disease, such as Alzheimer’s, or if you suffer a stroke or heart attack. In this case, the triggering event in your power of attorney could be incapacitation. Once medical professionals officially classify you as incapacitated, only then would your agent gain the authority to make decisions for you.

A springing power of attorney is just one of many important estate planning documents to consider. Be sure to explore all your legal options thoroughly during the estate planning process.