One of the most important components of a comprehensive estate plan is establishing financial and medical powers of attorney. Essentially, these documents give a trusted individual the power to make certain decisions on your behalf, should you ever become incapacitated or otherwise unable to make these decisions on your own. If you’re interested in creating one, contact a knowledgeable Bergen County power of attorney lawyer from The Law Offices of Colin M. Quinn today.
Power of Attorney Lawyer Serving Clients in Bergen County & All NJ
Though no one wants to plan for or think about incapacitation, having a power of attorney in place can give you peace of mind, knowing you’ve appointed someone you truly trust to handle your affairs if you can no longer do so on your own. Our Firm has helped clients draft valid and enforceable powers of attorney for decades, and we’re prepared to do the same for you. Speak with a Bergen County power of attorney lawyer from our legal team today.
Types of Powers of Attorney
In a power of attorney, the principal (you) will select an agent to make certain crucial decisions on your behalf when certain triggering events occur, such as incapacitation. You can specify the scope of the agent’s authority in your specific power of attorney. Some of the most common types of powers of attorney are as follows:
- Durable Power of Attorney: This type of power of attorney remains in effect even if you become incapacitated. It ensures that the agent you have appointed can continue to manage your financial affairs, including paying bills, managing investments, and handling real estate transactions, without interruption.
- Limited Power of Attorney: A limited power of attorney grants the agent authority to perform specific acts or make decisions in particular situations. For example, you might grant a Limited power of attorney to someone to sell a property on your behalf if you cannot attend the closing. This power of attorney expires once the task is completed or at a time specified in the document.
- Springing Power of Attorney: A springing power of attorney becomes effective only under circumstances you define in the document, such as if you become incapacitated. This arrangement ensures that your agent has authority when needed but does not grant any power until the specified conditions are met.
What Makes a Power of Attorney Valid & Enforceable in NJ?
For a Power of Attorney to be considered valid and enforceable in New Jersey, it must meet several legal requirements. These include:
- The power of attorney must be in writing, clearly expressing the principal’s intent to grant authority to an agent.
- The principal must be of sound mind at the time the power of attorney is executed, understanding the implications of the document.
- The principal must sign the power of attorney. If the principal is unable to sign, another individual may sign on the principal’s behalf in the principal’s presence and at the principal’s direction.
- The signing of the power of attorney must be witnessed by two individuals who are not named as agents in the document.
- The power of attorney must be notarized to verify the identity of the principal and to authenticate the document’s validity.
- The document should clearly outline the powers granted to the agent. For financial decisions, New Jersey law requires specific authorization for certain acts, such as gifting or transferring assets.
- The power of attorney must adhere to the relevant statutes governing powers of attorney in New Jersey, particularly the New Jersey Durable Power of Attorney Act (N.J.S.A. 46:2B-8.1 to 46:2B-8.14).
Contact a Power of Attorney Lawyer Today
Importantly, one should never try to create such a critical document on their own. A competent power of attorney lawyer can ensure your document accurately reflects your wishes and is valid and enforceable in the eyes of the law. Contact The Law Offices of Colin M. Quinn today so we can get started.
