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1.
A springing power of attorney takes effect immediately upon signing.
False. A springing power of attorney "springs" into effect only when you become disabled.
2.
Which of the following is true regarding durable powers of attorney?
Specificity in outlining your agent's authority is important. If that authority is unclear in the durable POA, whomever is asked to honor it could refuse.
3.
Because of its importance and complexity, an advance medical directive is a document that is generally best left to be prepared by an attorney.
False. Most states have sample forms provided by law that can be obtained online.
4.
Which of the following is true regarding your power of attorney?
Its primary purpose in estate planning is to delegate broad authority over personal financial affairs to your agent in case you become disabled or incompetent. A POA becomes invalid at death and is not a substitute for a will.
5.
A primary goal in having a durable power of attorney is _______.
To avoid the need to appoint a guardian to make decisions for you in case of disability. Guardianship involves a time-consuming court proceeding.