If you draft a power of attorney, you are turning over your right to make certain decisions to someone else, who is known as your agent. A very common example is a medical power of attorney. Your agent is then allowed to make medical decisions on your behalf, something they ordinarily would not be legally allowed to do.
But some people are concerned about giving another person any agency over these crucial decisions. You may be considering estate planning, for instance, but you do not want to turn over the ability to make your own medical choices. That is when it is beneficial to use a springing power of attorney.
When does it take effect?
With a springing power of attorney, you get to choose a condition that causes it to take effect. The most common choice is to choose incapacitation. If you are unable to make your own decisions, only then is someone else authorized to do so. But as long as you can make them yourself, the agent does not have any power over those decisions.
For example, you may be in excellent health today, but you want to get your estate plan in place in advance. You can still make all of your current medical choices.
If you have a heart attack in 10 years, however, you may end up in the hospital, incapacitated and unable to communicate with your medical team. Crucial medical decisions need to be made, so that is when the power of attorney kicks in. Ideally, you will have selected an agent that you trust to make the best possible decisions for you at this time.
Setting up your estate plan
A power of attorney is just one potential element that you can use in your estate plan. It can help to work with an experienced law firm while you set up the documentation.