When Does a Springing Power of Attorney "Spring"? скачать в хорошем качестве

When Does a Springing Power of Attorney "Spring"?

Get together with like-minded individuals in our Impactful Inheritance community to discuss planning, preservation, and protection of wealth. Join our community today and start making a difference for future generations. 30 day free trial at the following link: https://www.impactfulinheritance.com/... To request a free zoom video meeting to design your estate plan, click the following link and complete the short questionnaire: https://aeplaw.cliogrow.com/intake/71... 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