Though incapacitation is perhaps one of the most frightening, gloomy aspects of estate planning, the truth is, it is always better to plan for the worst. Establishing certain powers of attorney can be crucial to any estate plan. Please read on and reach out to our experienced New Jersey estate planning attorney to learn more about the different powers of attorney and how we can help you through the legal process going forward. Here are some of the questions you may have:
When an individual establishes a power of attorney, it often gives both them and their family peace of mind, knowing their affairs will be properly handled in the event of incapacitation. A power of attorney is a document will allow family members or other individuals to act on behalf of an incapacitated person. The incapacitated individual is the principal, while the one granted power of attorney is referred to as the agent.
There are many different powers of attorney available to individuals in New Jersey, and it is very important you know which is best for you or your loved one. They are as follows:
Non-durable power of attorney: Generally, these are only active for a certain period of time and are used mainly for special transactions. When the transaction ends or the principal becomes incapacitated, the power of attorney will simultaneously end.
Durable power of attorney: These powers of attorney begin when the principal becomes incapacitated, and they do not have a specific end date. They also, therefore, grant the agent complete control over several of the principal’s affairs.
Medical power of attorney: This type of POA is designed to allow agents to make key medical decisions on behalf of the incapacitated. These are some of the most important POAs, as they allow people to choose someone they trust with their medical conditions, and therefore, their health.
Springing power of attorney: These powers of attorney kick in once a triggering event occurs, and can either be durable or non-durable, depending on your specific situation.
Special power of attorney: This power of attorney generally only related to one aspect of a principal’s life. For example, you may establish a special power of attorney with your business partner who, if you become incapacitated, will continue handling your business affairs.
Juan C. Velasco, Esq. is a trusted attorney who concentrates on bankruptcy, family law, real estate, and estate matters who has been serving the New Jersey area for over 25 years. If you need experienced legal counsel, please contact Velasco Law Office and we will be happy to assist you.