A power of attorney could be a general blanket power of attorney granting the agent to do whatever you could do or a power of attorney could be limited or specific based on a specific transaction or a specific period of time depending on your particular needs and requirements. There are four different types of power of attorney, which is a person that becomes put in charge of your finances in the event that you can no longer do it for yourself.
The first type of power of attorney is a limited power of attorney. This person is not going to be in charge of your finances for a long period of time, usually only a few days if you can’t be there to sign a specific document. The second type is a general power of attorney, which is much more broad then just a limited power of attorney. In this situation, this person has the same amount of power as you do. Typically, when you appoint someone to have a general power of attorney, you still are capable of handling your own finances to some extent, you just need assistance. When someone is appointed a durable power of attorney, they usually maintain the status of general or limited, however, this title continues in the event that you can no longer represent yourself at all. Finally, when a person is appointed a springing power of attorney, they do not become the power of attorney until after you can no longer assist yourself.
If you are considering appointing someone a power of attorney, it is important that you seek legal counsel to discuss what option is best for you depending on your situation.
Juan C. Velasco, Esq. is a trusted attorney who has been serving the New Jersey area for over 25 years. If you are in need of experienced legal counsel, please contact Velasco Law Office and we will be happy to assist you.