EncorEstate Plans

<b>Immediate vs Springing Power of Attorney</b>

A power of attorney (POA) is a legal document that grants someone the authority to make decisions and act on your behalf in certain situations. The key difference between an immediate power of attorney and a springing power of attorney lies in when they become effective.

- Most common for spouses.
- An immediate power of attorney takes effect as soon as the document is signed and executed. This means that the agent (the person granted power of attorney) can start making decisions and taking actions on your behalf immediately.
- It is commonly used for situations where you want someone to handle your affairs, such as financial or medical decisions, right away. For example, if you're traveling and need someone to manage your finances while you're away, you can grant them immediate power of attorney.

- - Most common for spouses.
  - An immediate power of attorney takes effect as soon as the document is signed and executed. This means that the agent (the person granted power of attorney) can start making decisions and taking actions on your behalf immediately.
  - It is commonly used for situations where you want someone to handle your affairs, such as financial or medical decisions, right away. For example, if you're traveling and need someone to manage your finances while you're away, you can grant them immediate power of attorney.

- - Most common for singles.
  - A springing power of attorney, on the other hand, only becomes effective under specific conditions or triggers, as outlined in the document. Typically, these triggers are defined in the document itself and might involve a specific event or a medical condition that renders you incapable of making decisions for yourself.
  - This type of POA "springs" into effect when the specified conditions are met, and it allows the agent to act on your behalf at that point. Until the triggering event occurs, the agent has no authority to make decisions or take actions for you.
  - Springing powers of attorney are often used to plan for potential future incapacity. For example, you might set up a springing POA that only takes effect if you are declared mentally incapacitated by a physician.

- - - Most common for singles.
    - A springing power of attorney, on the other hand, only becomes effective under specific conditions or triggers, as outlined in the document. Typically, these triggers are defined in the document itself and might involve a specific event or a medical condition that renders you incapable of making decisions for yourself.
    - This type of POA "springs" into effect when the specified conditions are met, and it allows the agent to act on your behalf at that point. Until the triggering event occurs, the agent has no authority to make decisions or take actions for you.
    - Springing powers of attorney are often used to plan for potential future incapacity. For example, you might set up a springing POA that only takes effect if you are declared mentally incapacitated by a physician.