The phrase “springing durable power of attorney” refers to a legal document that grants certain powers to an agent appointed by an individual or entity. This document will designate when those powers become effective, usually known as the “springing” event.
What Powers Can a Durable Power of Attorney Grant?
In general, a durable power of attorney is a contract between two parties that grants the agent separate powers over the individual or entity the document is created for. This could include the power to make decisions about the individual’s finances, real estate, and healthcare. Depending on the document’s wording, the individual could grant or limit these powers as they see fit.
What Is a Springing Durable Power of Attorney?
A springing durable power of attorney is a legal document that grants the agent designated powers, but only when the “springing” event has occurred. This event can be predetermined, such as when an individual becomes incapacitated, or when a certain date or age is met.
Once the springing event has occurred, the designated agent can begin exercising the power granted to them by the document. This can include making decisions about finances, real estate, and healthcare on the individual’s behalf.
Conclusion
Understanding what a springing durable power of attorney is can be essential in determining when the agent granted certain powers can begin exercising them. With the right document, an individual can determine when and how these granted powers become available to their agent, helping to ensure the security and wellbeing of their affairs.