Power of Attorney

New Jersey Business Law Attorney

Power of Attorney

As you may already know, a power of attorney (POA) is an important estate planning tool.  You, the principal, are essentially authorizing another to act on your behalf.  The person or entity you entrust with this responsibility is known as the agent.   Executing a power of attorney should be done with care and extreme diligence, whether you do so in New Jersey or some other state.

The reasons you may want to sign a power of attorney can vary. For instance, you may become ill, or get a new job that requires you to take frequent travels outside New Jersey.  You may limit your power of attorney to particular circumstances.  Obviously, it is of the utmost importance that the person you assign as an agent will act in accordance with your wishes.  Therefore, you need to make sure that you have selected a trustworthy individual or organization to make decisions on your behalf.

Whatever the reasons may be, a power of attorney can come in handy. However, it can also have negative consequences if not drafted properly.  As Ocean County lawyers with experience in preparing these documents, we provide legal advice concerning the different power of attorney available under New Jersey law.

Power of Attorney Lawyers in New Jersey

At the Law Offices of Law Offices of DiFrancia & Price P.C., we meet with our clients concerning their need for a power of attorney.   After determining what best addresses their individual situation, we draft and explain one of these most common powers of attorney documents for proposed execution:     

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  • Simple Power of Attorney: This type of the POA goes into effect immediately. In case a person who gives an authorization becomes mentally or physically incapacitated or dies, then this POA ends.  This type of power of attorney may be used to allow someone you trust to make important financial decisions on your behalf, including the sale of real property.  One important consideration is that it does not limit the decisions made by the agent.

  • Durable Power of Attorney:  A durable power of attorney does not end because you become fully incapacitated and unable to make decisions.  Our estate planning lawyers will work with you concerning the effective date of your power of attorney.  

Language can be included that allows your agent to make immediate decisions.  For example, you may be confident that your son or daughter will be able to act on your behalf without issue.  Otherwise, a power of attorney can specify that it does not go into effect until you are physically or mentally incompetent. When the principal dies, the duties assigned to the agent named in the durable power of attorney terminates.

  • Limited Power of Attorney – As a principal, you can assign limited power of attorney duties related to particular transactions. For example, you can sign a power of attorney authorizing someone to sign on your behalf at a real estate closing.  An expiration date and the particular activity are both named in this type of POA.

  • Springing Power of Attorney:   The name says it all. The springing power of attorney goes into effect only when the person who signed it becomes incapacitated.  Meanwhile, a springing power of attorney can be strict or broad.  It does not necessarily state how incapacitation will be defined.

Choose the Right New Jersey POA to Suit Your Needs  

It goes without saying that a power of attorney can be quite valuable, and even necessary in some circumstances.  Notwithstanding, its authority can lead to some undesirable situations.  That’s why it is essential to seek the advice of experienced power of attorney lawyers who understand the consequences of these types of documents.

 Our lawyers will make sure that the entire POA creation process runs smoothly. Let us provide you with legal advice concerning the most suitable power of attorney form for your specific needs and requirements.  Call us to schedule an appointment.