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Durable Power Of Attorney For Finances

When Does A Durable Power Of Attorney Take Effect?

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Generally, a power-of-attorney takes effect as soon as you sign it. However, in many states, you can set up a power of attorney to take effect only if you become incapacitated. This is called a "springing power of attorney."

In a state where a springing power is not allowed, you can tell your agent not to act unless and until you become incapacitated or disabled. Theoretically if he or she acts prematurely, you can simply revoke the power of attorney and execute another with a different agent. However, a lot of damage can be done in a short period of time. It's important to only appoint someone you trust.

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