Advantages and Disadvantages for Powers of Attorney to Spring

Powers of attorney for property works to empower an agent to act on behalf of the principle when the principle becomes disabled, while powers of attorney for health care to designate an agent to represent the principal. As people appoint powers of attorney in place, they are sometimes unsure about whether to have the powers of attorney become effective upon execution or to have them effective only upon a determination of disability. Springing powers may bring about abuse of power, on the other hand, making the powers of attorney not spring may be a waste of time and cause delay in representation. Another way is to limit access to springing powers for purpose of oversight.

See Kim Kamin, “Powers of Attorney: To Spring or Not to Spring,” WealthManagement.com (January 5, 2015).

Posted by Jiaqi Wang, Associate Editor, Wealth Strategies Journal.

 

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