Powers of attorney help to facilitate practical support in difficult situations. People can empower spouses, children and other trusted individuals to make decisions about their medical needs or their finances. Powers of attorney are especially important for those with recurring financial obligations, pressing medical challenges and dependent family members.
Many people recognize that they might benefit from drafting powers of attorney, but they may also worry about someone misusing the authority they delegate in the paperwork, especially if they intend to sign financial powers of attorney. The right language integrated into power of attorney paperwork can prevent the unnecessary and inappropriate use of legal authority.
Springing documents require triggering events
Standard powers of attorney take effect immediately. Springing powers of attorney include provisions requiring specific qualifying events, such as a person experiencing an incapacitating emergency and remaining unable to communicate or manage their affairs for a certain amount of time.
Springing documents significantly reduce the possibility of another person abusing legal Authority. Principals drafting powers of attorney may also want to consider adding co-agents to the paperwork. If two or more agents must approve any significant transactions, it becomes far more difficult for one person to abuse power of attorney authority.
Discussing concerns about power of attorney with the lawyer can help those drafting or updating their documents ensure they include appropriate protections in their paperwork. A lawyer can help craft custom documents that address a principal’s concerns and ensure proper oversight of an agent.
Choosing the right agent and restricting the use of power of attorney are both smart moves for those concerned about granting others control over and access to their resources.