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Unlocking the benefits of a springing power of attorney

On Behalf of | Jun 20, 2024 | Estate Planning - Power of Attorney

A springing power of attorney (POA) grants someone (the agent) authority to act for another person (the principal) only when a specific event, like incapacitation, occurs. Understanding this document can help you protect your interests and manage your affairs according to your wishes.  

Key features of a springing power of attorney

In Maryland, a springing POA must specify the event that triggers its effectiveness, often the principal’s incapacitation, certified by a licensed physician. This unique POA activates only when the predetermined condition occurs. Clear language ensures the agent’s authority activates under the stated conditions, preventing misuse and honoring the principal’s intentions.

Benefits of using a springing power of attorney

A springing POA offers valuable benefits to the principal. One significant advantage is control and peace of mind, as the principal can remain in control of the affairs until a specified event occurs. This arrangement ensures the agent cannot act prematurely by protecting the principal’s interests. Additionally, a POA offers flexibility to the principal to utilize it for specific circumstances.

Creating a springing power of attorney

To create a springing POA in Maryland, follow these steps:

  1. Consult an attorney: Work with a Maryland estate planning lawyer to draft the document.
  2. Define the triggering event: Clearly specify the condition that activates the POA.
  3. Use proper language: Ensure the document meets Maryland legal standards.
  4. Execute the document: Sign the POA with a notary public and witnesses present.

Secure your future today

A springing power of attorney can enhance your peace of mind and financial security. Understanding how it works can help you create a tailored springing POA that meets your needs.