Estate planning might seem intimidating, but it’s the key to ensuring peace of mind for you and your loved ones. A critical aspect of this process is deciding who can make decisions on your behalf if you’re unable to do so.
This is why it is crucial to understand the difference between a springing and durable power of attorney (POA). In this blog, we’ll explore these two types of POAs, helping you make informed decisions that best suit your needs and protect your future.
What is a durable POA?
A durable power of attorney takes effect immediately after you sign the document. It remains valid even if you become incapacitated. This means that your chosen agent can continue to make decisions for you if you’re unable to.
This option is particularly helpful if you foresee any urgent financial, legal or medical matters that might arise when you’re not able to handle them yourself. The continuity offered by a durable POA can be reassuring, providing a seamless transition of authority without interruption.
What is a springing POA?
On the other hand, a springing power of attorney takes effect only when specific conditions take place. It will only be effective when specific events occur—usually when you’re incapacitated. This can be a great choice if you want to retain complete control over your affairs until a specific need arises.
With this option, it is essential to clearly define the conditions that will trigger the POA. Vague terms can lead to confusion or disputes, especially in medical situations where determining incapacitation can be subjective.
Which one is right for you?
Choosing between a springing and durable POA depends on your personal preferences and circumstances. A durable POA might be your best bet if you value immediate and continuous support. However, a springing POA could align more with your wishes if you prefer to maintain autonomy until a specific event occurs.
Consulting with an experienced estate planning attorney can help you assess your options and ensure that your documents reflect your intentions accurately. With their help, you can give your loved ones peace of mind for the future.