Springing Durable Power of Attorney (upon disability) is an important legal document

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Durable Springing Power of Attorney for Property and Finance (Upon Disability)  

Durable Springing Power of Attorney for Property and Finance (Upon Disability)

 
  The Springing Durable Power of Attorney (upon disability) is an important legal document.
 
The powers you grant in the Durable Springing Power of Attorney ARE EFFECTIVE ONLY IF YOU BECOME DISABLED OR INCOMPETENT.
 
This power of attorney does not authorize anyone to make medical or other health care decisions on your behalf.
 
Power of Attorney Forms A Springing Durable General Power of Attorney is an alternative to a durable power of attorney.
 
The Springing Durable General Power of Attorney does not become effective until you (the “Principal”) are disabled. That means that your Agent can act as your attorney-in-fact only after you are determined to be disabled.
 
Some people do not feel comfortable delegating a wide range of authorities to an Agent immediately after signing the Power of Attorney. This is why they use a Springing Power of Attorney. Note, however, that the Springing Power of Attorney may cause potential issues if there is any disagreement among doctors or family members regarding the actual moment of your disability.
 
Please note that before the Springing Durable General Power of Attorney may come into effect, there must be a formal determination of the disability of the Principal. In other words, in your Springing Durable Power of Attorney you indicate that two designated physicians must agree, and put in writing (an affidavit), their opinion that you are disabled or incompetent to manage your affairs due to your illness. Only after such an affidavit is signed and attached to the Power of Attorney may your Agent act as your attorney-in-fact.
 
Until the incapacity of the Principal is established, a third party -- such as a bank or the Social Security Administration -- may refuse to honor the Colorado Springing Durable General Power of Attorney. As a result, a judicial proceeding to establish disability may follow. That is the opposite of what you wanted to achieve. Therefore, you have to be really mindful in choosing the right type of Power of Attorney.
 
The Durable Springing Power of Attorney for Property and Finance gives the person whom you designate (your "Agent" or "attorney-in-fact") broad powers to handle your property, tangible or intangible.
 
Among the issues discussed in general in the durable power of attorney are:
  • real property and personal property transactions,
  • stock and bond transactions,
  • commodity and options transactions,
  • business operating transactions,
  • banking and other financial institution transactions,
  • insurance and annuity transactions,
  • estate and trusts,
  • claims and litigation,
  • personal and family maintenance,
  • division of social security and other governmental benefits,
  • retirement plan transactions, and
  • tax matters and gifts.
These powers are explained more fully in the Uniform Statutory Form Power of Attorney Act, which expressly permits the use of any other or different form of power of attorney.
 
The general Durable Springing Power of Attorney for Property and Finance must be dated and acknowledged before a notary public. A durable power of attorney that may affect real property must be acknowledged before a notary public so that it may easily be recorded.
 
Some counties may require you to register this power of attorney at the office of the Commissioner of Deeds for your county, or at the County Clerk's office.
 
If there is anything about this Springing Power of Attorney form that you do not understand, you should ask a lawyer to explain it to you.

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