Manchester, Connecticut Attorney
Manchester, Connecticut Power of Attorney
Law Offices of Irene C. Olszewski, LLC
Durable
Power of Attorney & Springing Power of Attorney
A Durable Power of Attorney (POA) allows your spouse (or other trusted person over the age of 18) to manage your financial affairs (as your Attorney-in-Fact) if you become incapacitated. Your Attorney-in-Fact may be granted the power to conduct your banking transactions, manage your real estate affairs, handle your business affairs and perform a variety of other financial tasks that you choose. A POA becomes effective upon its signing and may be revoked at a later date, upon written notice. A POA may be the proper document for you to execute if you are in a present circumstance that warrants such assistance from another person (such as a temporary or permanent disability, if you have a terminal illness, or if you are planning a surgical procedure that will leave you incapacitated for an extended period of time).
Some individuals worry that if they execute a Durable
Power of Attorney when no "emergency" or serious situation exists, and they
later experience relationship difficulties with the person whom they have
designated as their Attorney-in-Fact, it may be possible for that person to
abuse the power by selling off their assets or depleting their bank accounts
without their knowledge. This is a valid concern and fortunately, there is
a simple way to alleviate this fear by executing what is known as a
Springing Power of Attorney .
While a durable POA goes into effect upon its signing, a Springing Power of Attorney only takes effect upon the happening of a specified contingency, such as your physical or mental incapacity. You choose, in advance, the powers that your Attorney-in-Fact will have upon the occurrence of the specified contingency. When and if that contingency occurs, your Attorney-in-Fact must first execute an affidavit stating that the stated contingency has occurred, before he or she can enforce the powers you have conferred. Depending upon your present circumstances (and comfort level), a Springing POA may be the better choice. Note that a Springing Power of Attorney may also be revoked at a later date, by written notice.
Your attorney can advise you as to which alternative best suits your needs. In many circumstances, a Springing POA is the preferred document. It allows you to prepare in advance for unplanned emergencies without conferring powers to your Attorney-in-Fact until your situation warrants it.
In any event, executing a Durable Power of Attorney or a Springing Power of Attorney can avoid the delay and necessity of applying to the Probate Court in the event of incapacity.
For more information on Connecticut Powers of Attorney and your legal rights, contact a Connecticut lawyer at the Law Offices of Irene C. Olszewski, LLC.
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