A Vermont power of attorney lawyer can explain different types of power of attorney and can provide you with guidance on what is involved in creating a power of attorney. One of the types of power of attorney that you should consider when planning for incapacity is a springing durable power of attorney.
Unsworth LaPlante, PLLC can help you to decide if you need a power of attorney and what type is the right one for you. We can also assist you in making a legally valid power of attorney which functions the way you want it to. Give us a call today to learn more.
What is a Springing Durable Power of Attorney?
A springing power of attorney is a “A power of attorney that becomes effective at a future date or event,” according to a booklet created by the Vermont government entitled: Taking Charge: Planning for Future Financial Control.
The same booklet also defines a durable power of attorney as: “a type of power of attorney that remains valid even if the principal has become incapacitated.”
This means under Vermont law, a springing durable power of attorney is a power of attorney which takes effect at some designated future time and which remains in effect even if you are incapacitated. You can specify when you create a springing durable power of attorney that you want the power of attorney to become effective in the event that you become incapacitated and unable to manage your own affairs.
When you create a power of attorney, you name a person who will act on your behalf. That person is called an agent or an attorney in fact. You can give the agent general authority to act for you, or limited authority. If you create a springing durable power of attorney, your named agent will get the authority to act on your behalf, make decisions for you, and bind you to contracts— but will get this authority only if and when you become incapacitated.
How Can a Springing Durable Power of Attorney Protect You In Case of Incapacity?
A springing durable power of attorney is one of the most important tools you can use as a part of your incapacity plan. With help from a Vermont power of attorney lawyer, you can ensure you have taken the proper legal steps to give a trusted agent authority to manage your affairs in the event you become badly sick or seriously hurt and cannot manage your own affairs on your own. This means if something unexpected happens and you are left incapacitated, your agent can immediately take over managing assets and making choices for you.
Having this advanced plan in place is important because many people own property, investments, and assets which have to be managed carefully. For example, if you own a home, you need to make sure mortgage, taxes, and utilities are paid. If you can no longer afford payments on the home, it has to be sold so you do not end up losing the house to a foreclosure. If you are incapacitated and cannot make payments or arrange the sale of a home, the value of the house could be affected adversely. An agent can make sure the bills are paid and the house and other assets you own are managed appropriately to protect their worth.
Without a legally valid power of attorney, your family could face serious difficulties in the event you become incapacitated. In order to get legal control over managing your assets and affairs, your family would need to go to court and have you declared incapacitated and have a guardian appointed. This whole process could take a long time, during which the value of your assets is adversely affected due to mismanagement. The guardianship process could be expensive, and you could end up with someone chosen as a guardian who you wouldn’t’ want in charge of your affairs. Creating a springing durable power of attorney prevents that from happening.
How Can a Vermont Power of Attorney Lawyer Help?
A Vermont power of attorney lawyer will assist you in all aspects of planning for incapacity, including creating a springing power of attorney. We will also advise you on whether this type of power of attorney is the best choice for you. Join us for a free seminar to learn more about how power of attorney documents work as a part of your comprehensive plan for your future. You can also give us a call at (802) 879-7133 or contact us online online to learn more about the ways in which we can help you to achieve security for yourself, your property, and your assets.