Springing vs Surviving Powers of Attorney

Springing vs surviving powers of attorney: what’s the difference? Which is better? As we explain in this week’s podcast episode, there’s not really a “better” choice. Or at least, there’s not a choice that’s better for everyone. The “springing vs surviving” debate is about whether you wish your financial power of attorney to be immediately effective (“surviving”) or want it to only become effective if/when you become incapacitated (“springing”). You need to be comfortable with your choice. As we discuss, there’s also an intermediate option. You can make your power of attorney immediately effective, but require evidence of your incapacity for alternate agents to act. That way you can name a completely trusted individual (a spouse, perhaps) to have general access to your finances. Then you can name a backup person whose authority would only arise if they can demonstrate that you are incapacitated AND your first-choice agent is unavailable. In any event, we suggest that your durable financial power of attorney and the related health care power of attorney may be the most important documents in your estate plan. They might even be more important than the will you thought you originally came to see us about. The powers of an agent under your power of attorney can be critical to providing for your care and your estate.