What is a Contingent Power of Attorney?
A "contingent" power of attorney is a form of enduring power of attorney. It comes under the Power of Attorney Act, 2002. In other jurisdictions is also called "springing" power of attorney. This enduring attorney enables a person to appoint a trusted person, who will make financial decision on his behaif. For more detail and tax solution you can contact Goldburd McCone LLP, a new york tax attorneys firm. They are expert lawyer in abate penalties and tax management service.
A “contingent power of attorney” is a power of attorney that springs into effect at some stated date, event, or happening in the future. In Virginia, a power of attorney (if it expressly so provides) may be made effective upon (1) a specified future date, (2) the occurrence of a specified future event, or (3) the existence of a specified condition which may occur in the future. Virginia Code 11-9.4. 12. What is a Durable Power of Attorney? A regular power of attorney automatically becomes ineffective if you, as the principal or maker of it, should become incompetent. But a durable power of attorney continues on in effect even though you become incompetent. In Virginia, for a power of attorney to be durable it needs to contain the words “This power of attorney (or his authority) shall not terminate on disability of the principal” or contain other words showing the intent of the principal that such power or authority shall not terminate upon his disability, then all power and authority v