power of attorney for property
the power of attorney for property is a flexible document in that the principal can limit or broaden the financial decision-making authority of the agent. if an individual does not have a power of attorney for property or a funded revocable trust, and then becomes incapacitated, a court proceeding may be necessary to appoint a guardian to act on his or her behalf with respect to the management of his or her property. a power of attorney effective immediately is know as an “immediate” power of attorney. a power of attorney effective upon the occurrence of an event is known as a “springing” power of attorney. the advantage of a “springing” power of attorney is that because it only becomes effective upon the occurrence of a certain event there is less risk of an agent perpetrating a fraud on the principal.