Power of Attorney: Types
The Difference Between Durable Power of Attorney
and Springing Power of Attorney
Most of us have heard the term and know what “Power of Attorney” means. But did you know that there are actually two different types of Power of Attorney? They are referred to as Durable Power of Attorney and Springing Power of Attorney. Understanding the difference between the two is important when seeking to complete power of attorney paperwork.
Individuals usually seek power of attorney when they need to act as a legal representative for another individual who is either not available or no longer capable of making important legal and financial decisions on their own.
If you need assistance in completing power of attorney paperwork, as well as a stronger understanding of the two types of power of attorney, contact the team at We the People. We have been helping individuals complete and file power of attorney paperwork for over 25 years. Our low-cost, accurate legal document preparation service will save you plenty of time and stress, and is less costly than using a lawyer. We can also help you choose the correct type of power of attorney for your unique situation.
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Which Type of Power of Attorney Should I Choose?
Durable Power of Attorney — this type of power of attorney grants your agent instant power the moment it is signed. Your agent maintains power of attorney until the moment of your death, or until you revoke this power. For example, if by some unfortunate circumstance you become mentally incapacitated, or even if you are just out of town for an extended period of time, an individual that has been appointed as your Attorney-in-Fact can then assume power of attorney. This may continue until such time as you are able to resume control again.
Springing Power of Attorney — this type of power of attorney is only granted to someone if you are rendered unable to handle your own affairs, mainly due to mental or physical incapacitation. The main difference between durable power of attorney and springing power of attorney is that springing power of attorney only takes effect for actions such as mental incapacitation, and not simply your inability to be around to handle things at a certain point in time. Your Attorney-in-Fact will assume full control of your affairs.
If you are considering filing for power of attorney, or simply wish to learn more about the two different types, contact We the People today.
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