A “springing” power of attorney won’t take effect until a certain events occur. For example, a doctor might be required to state in writing that you no longer are competent.
Some people prefer to draft a springing power because it is not immediately effective. No one else will be authorized to do anything with your assets as long as you can make your own decisions.
However, there are problems with springing powers. Your doctor might be reluctant to formally attest that you are incompetent, for instance. Even if you get a doctor to assert you no longer can handle your own assets, financial firms may be reluctant to accept a springing power.
In reality, if you are going to trust someone with your assets after you’re incapacitated, there’s no reason not to trust that person now, while you can keep an eye on your own affairs. Nevertheless, putting a springing power of attorney into your estate plan is better than having no power of attorney at all.
