Springing vs. Non-Springing Powers of Attorney
There are several different types of powers of attorney you can implement in your estate plan, depending on your wishes. A couple of the terms you might hear when setting up power of attorney are “springing” and “durable” (or non-springing) power of attorney.
Let’s take a closer look at what each of these terms means.
Springing power of attorney
Springing power of attorney is occasionally referred to as conditional power of attorney. Except in very limited cases, Florida does not recognize springing powers of attorney, although if you have an escrow arrangement with your attorney, you can replicate one.
Durable power of attorney
Durable power of attorney remains in effect at all times, whether you are incapacitated or perfectly healthy and cognizant. You may choose to give someone the power to make decisions over certain financial matters or assets simply because you do not have the time or capability of making those decisions yourself.
For more information on these different types of powers of attorney and to determine which is best suited for your needs, speak with an experienced Tampa estate planning lawyer at BaumannKangas Estate Law.