A Springing Power of Attorney, also known as a Power of Attorney to be Effective at a Later Time, is widely used in New York as a safeguard in the event of a disability. It allows someone close to you to make decisions for you in the event of your incapacity. It helps avoid a lapse in the management of finances and helps avoid an expensive and lengthy guardianship proceeding.
Let’s say that you become mentally incapacitated. Once your physician certifies that you are now mentally incapacitated and can no longer make legal and financial decisions on your own behalf, your Springing Power of Attorney springs into use so that your designated agent can now make those important decisions on your behalf. Your family has the peace of mind that your needs are being taken care of and met.
A Power of Attorney is a legal document that gives someone legal authority to act on another person’s behalf. The maker is called the Principal, and the person receiving the authority is referred to as the Agent or Attorney-in-Fact. A Principal can give an agent broad or narrow powers.
A Power of Attorney can be used when someone is ill, disabled, out of the country, or unavailable. It can be used to make decisions for a person who became mentally or physically incapacitated, but one has to be careful when having people in those situations make a New York Power of Attorney, as they may lack capacity.
The power of attorney we are discussing is called the Springing Power of Attorney. A Springing Power of Attorney is a Power of Attorney that takes effect at a later date upon the condition of a certain event.
Other Types of Powers of Attorney
Nondurable Power of Attorney. A nondurable Power of Attorney becomes effective immediately and remains in effect until it is revoked by the Principal or the Principal becomes incapacitated or passes away. A Nondurable Power of Attorney can be used for a specific or special event. As an example, the Nondurable Power of Attorney is used frequently in connection with the sale of real property.
A Durable Power of Attorney becomes effective immediately and allows the agent to act on behalf of the Principal after the Principal becomes mentally incompetent or physically unable to make any decisions. The Power of Attorney remains in effect until it is revoked or upon the Principal’s death.
To reiterate, having a New York Springing Power of helps a person plan for the management of their affairs and helps the person’s family avoid the legal costs and time of having to go to court to have a guardian appointed. Click here for more information on the uses of New York Power of Attorney.
A New York probate and estate attorney can prepare a Springing Power of Attorney or other Power of Attorney as well as assist with the drafting of a will and/or trust. A New York probate and estate attorney also represent executors or administrators of estates, beneficiaries and other interested parties to a New York estate in connection with probate and estate matters including will contests and estate tax matters.
If you wish to speak to a New York City estate attorney, call the Law Offices of Albert Goodwin at (212) 233-1233.