A springing power of attorney is a legal document that grants someone the authority to act on your behalf, but only under specific conditions, such as your incapacitation.
In Texas, this type of power of attorney is particularly advantageous for those who want to ensure their affairs are managed according to their wishes if they cannot do so themselves. Learn more in the following sections.
How is it different from other powers of attorney?
A springing power of attorney becomes effective only when a specified event occurs, typically the principal’s incapacitation.
Unlike an immediate power of attorney, which grants authority as soon as the document is signed, a springing power of attorney comes into play only when the triggering event happens.
Are there different types?
There are generally two main types of springing powers of attorney: financial and medical.
A financial springing power of attorney allows the designated agent to manage the principal’s financial affairs, such as paying bills, managing investments and handling real estate transactions. By contrast, a medical springing power of attorney grants the agent authority to make healthcare decisions on behalf of the principal.
What are their benefits?
Like non-springing powers of attorney, they can provide immediate peace of mind.
Knowing that a trusted individual will step in to manage your affairs if you become incapacitated can be extremely reassuring. Additionally, it allows you to maintain control over your affairs until the specified condition is met, ensuring that your autonomy is respected as long as possible.
Springing powers of attorney are recognized in Texas. To include them in your estate plan, seek guidance from someone with experience creating estate planning documents.
