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Can power of attorney take effect at a later date?

If I make a power of attorney when does it take effect? I want to give my son the power to take care of some of my financial matters but not until it is absolutely clear that I am unable to do things for myself. Is that possible?

Editor's Response

Yes, it is possible.  Usually a power of attorney will take effect at the moment you sign it.  However, for the situation you describe, you should ask your estate planning attorney about a "springing" power of attorney.  With the proper language, a springing power of attorney will only become effective if some event (spelled out in the document) happens.  So, for example, the power of attorney may state that your agent's authority does not arise until your physician certifies that you are incapacitated (unable to make decisions on your own).  Good luck.

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