A springing power of attorney does not actually take effect until certain conditions are met. Even though you may draft your estate plan today and include the power of attorney, there could be a significant delay before the document actually applies and your agent begins to make decisions on your behalf.
For example, perhaps you are worried about suffering a heart attack or a stroke because you have a family history of those types of medical events. If that happens to you, you know that you may be incapacitated and unable to talk to your medical team. At the same time, key decisions about emergency medical treatment have to be made.
If you use a springing power of attorney, you do not have to give up the ability to make your medical decisions today. Your agent does not have any responsibility yet, and you are not losing any control. But if you are incapacitated by a sudden medical emergency in the future, then the framework will already be in place for your agent to step in.
Medical and financial decisions
Drafting a medical power of attorney is common as people consider the impact of aging. But it is important to remember that you can also use these documents for legal or financial decisions.
After all, if you become incapacitated, someone may still need to tend to your estate. They may need to access bank accounts, pay taxes, authorize payments to the hospital and take other steps to deal with your assets and your property. You can choose the same agent as you choose in your medical power of attorney, or you can choose a different individual, depending on what you think is best in your unique situation.
Either way, just be sure you know what legal steps to take to draft a power of attorney and incorporate it into your estate plan this year. There’s no time like the present to protect your future.