Tenant & Housing Rights
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How is a Springing
Power of Attorney triggered?
ALZHIEMER OR DEMENSIA
POWER OF ATTORNEY
What is a Springing Durable Power of Attorney ?
A Springing Power of Attorney is a legally binding document that assignes a person, to be your Power of Attorney (another title is Agent). Your designated Agent will be able to handle your personal legal issues on your behalf should you become incapacitated for physical or mental reasons.
Why is it called a "SPRINING" Durable Power of Attorney?
The word "Springing" means that the Power of Attorney can ONLY be activated upon the event of your incapacitation due to mental or physical reasons.
Example: If you are in an accident and end up in a coma, the springing power of attorney would be activated.
Why do I need an Agent ?
Your Agent will manage all your money should you become incapacitated. They will be able to:
Manage assets and pay for expenses
Buy, Sell, maintain & Pay taxes on Properties
Transfer Property to a current Trust
Invest money in stocks, bonds, mutual funds etc.
Manage Insurance Policies
Collect Medical and Medicare on Your Behalf
Designate Someone to operate a business
Claim inheritance on your behalf
Avoid Family Conflicts
Assigning an Agent a Power of Attorney gives them a lot of control over my money, should I be concerned?
Giving someone a durable power of attorney is sometimes necessary, but not a matter to be taken lightly. This is why your should ALWAYS consult an Attorney before signing a Durable Power of Attorney.
Does my Agent have to be a relative or can I have a friend do it?
You can assign anyone you want to be your agent. Usually people choose a trusted relative to act as their agent. If you do not believe your relatives are up to the task you can designate someone else. However, remember you should always CONSULT AN ATTORNEY before you sign a durable Power of Attorney especially if you are not assigning a relative.