When Does a Springing Power of Attorney "Spring"?

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In this video, I describe the many ways a springing power of attorney can spring into effect. First, let’s discuss what a springing power of attorney is. A power of attorney, from an estate planning perspective, is its own stand-alone legal document that gives someone else, often referred to as an Agent, or Attorney-in-Fact, (we’ll use Agent for this video) the power, during your lifetime, to transact on your behalf. It’s commonly used if you are incapacitated and unable to transact matters for yourself, such as a property sale or purchase, vehicle sale, or a financial transaction. Powers of attorney are typically either effective immediately (when signed), or some POAs are effective when you become incapacitated. These POAs that have no effect until you become incapacitated are often referred to as a springing power of attorney because they spring into effect when you become incapacitated and you can’t transact for yourself.
0:00 What Does "Springing" Mean?
1:05 Pete Names Ariel as Agent and Abby as Alternate Agent
1:41 Pete Signs Springing Power of Attorney
2:12 Principal Has Mild Stroke
2:56 Definition of Incapacity
4:25 What if Agent Becomes Incapacitated?
5:13 Consider an Immediate Power of Attorney

[@stevewilliams7852]

The knowledge you share is priceless. Thank you.

[@mp53840]

Thank you so much for sharing your knowledge. You’ve been a huge help in my and my elderly friend lives.

[@SusieAspen]

Cute close. This was good to know. I didn't want to do a POA, due to untrustworthy relatives. This gives me some strong options.

[@BobPicc1]

One alternative I for a "springing" POA: Create an immediate POA naming person A as your agent. Then, give the POA to person B, along with some informal instructions for its use. If you become incapacitated, person A would have to get the POA from person B before it can be used. This would require cooperation and agreement between person A and B to use your POA, giving you some additional protection from person A abusing you POA of their own volition.

[@dialecticalmonist3405]

What if the person is ALREADY incapacitated?

[@KordTaylor]

Another great video. And really enjoyed the little Like and Subscribe at the end. 😂

[@nidasalvador3996]

Very good xplain thank u

[@earlscheib7754]

It's not always if you implicitly trust them today it's exigent circumstances such as a son/daughter in law, divorce or your agent becoming incapacitated. Presuming you are close to those you assign as an agent, reasonably you could be on a trip (car, bus, plane, boat) and could all be involved in an accident. The further you plan the better off you'll be.

[@gloriathompson6606]

My oldest son has my POA, my younger son is the alternate. My POA states that they get to determine when I am incapacitated, no doctors required.

[@tr3vorb438]

Can you define ‘spring-like’ terms in a durable
POA?

[@Stand2bReal]

Wish I had known this before we had ours done! Ugh

[@nidasalvador9705]

thank u

[@briankowald6465]

Have you done a video about using software like yours or others to complete your simple will yourself?

[@normb8683]

does anyone know if you can do anything about a sister who was taking care of our mother also in charge of the money,and stole all the money .from 150,000 in the bank to 12,000 now shes passed and no other kids inherite any of the money.

[@mariagonzales4515]

Please comment on this topic: what if your lawyer or law office closes his business but your not notified?

[@cableknitter7346]

I have a thing about people pronouncing "immediate" as "Ah-mediate", but that's just me... So many folk seem to do it that it's probably acceptable by now.
Anyway, just thought I'd do the courtesy "You have spinach in your teeth" thing and mention it, rather than not. Hopefully helpful; your advice ALWAYS is. Thank you!

[@dialecticalmonist3405]

How do you get a power of attorney if the person is ALREADY incapacitated?
I have the doctors diagnosis of dementia, so how do I get the power of attorney?

[@citris1]

I don't know anyone I trust to have my power or attorney.

[@capricemadrid5353]

Mom is showing signs of dementia but thinks she's of sound mind and will not see a doctor, can I still petition for POA without her consent?

[@YohanSBach]

So difficult when financial institutions have their own POA rules and documents

[@earlscheib7754]

And some banks are accommodating others suck like Wells...well you know.

[@reginatigner7079]

My Mom had a stroke. She can make decisions but can’t write. What should she do?

[@tombirney7276]

Very valuable, easily understood by a mere mortal like me. THANK YOU! When I start to 'glaze over' I am distracted by your appearance. Please wear a sport coat to hide the pecs OR BETTER YET tape the vlog poolside and wear no shirt at all! ; P