Creating a power of attorney gives you several different options in terms of the powers you’d like to give your agent, the person you choose to serve as an agent and when the power of attorney becomes active. Depending on your circumstances, you might lean one way or the other when creating this power of attorney document.
Immediately Effective Power of Attorney
Deciding what is most appropriate for your situation often means sitting down with an estate planning attorney to discuss the basics. You can choose to create a power of attorney that is effective immediately after you sign the document, or one that only allows your authorized agent to maintain authority under certain circumstances, such as if you become incapacitated and are unable to make decisions for yourself. The second kind of power of attorney is known as a springing power of attorney.
Springing Power of Attorney
A springing power of attorney adds an additional step because usually it requires an outside medical professional to determine that the triggering event or incapacitating event has happened. This can add a delay, meaning that your agent is not able to immediately act on your behalf and take care of the necessary actions you wanted them to handle. If time is of the essence, if that medical evaluation doesn’t come quickly enough, your agent will not be able to act.
This is one reason why your estate planning attorney may recommend an immediate power of attorney document, but make sure that you select the format, person and duties assigned to that person that makes sense for your personal situation and intentions.
Massachusetts Estate Planning Lawyer
If you don’t yet have any power of attorney in place and you live in Massachusetts, fix that now by working with a qualified lawyer to create this important document.
