There are few things more important in life than planning for the road ahead. Our firm understands this, which is why we have dedicated our practice to helping individuals throughout the state of New Jersey craft comprehensive estate plans that are tailor-fit to their needs. One of the most important aspects of any complete estate plan is establishing powers of attorney. Please continue reading and reach out to our knowledgeable New Jersey estate planning attorney to learn more about what our legal team can do for you. Here are some of the questions you may have about powers of attorney in New Jersey:
What does a power of attorney do?
People establish powers of attorney primarily so both they and their families have peace of mind when it comes to knowing that their finances and various other affairs will be well taken care of, should they ever become incapacitated. Powers of attorney are documents that give certain individuals, generally family members, the right to act on behalf of the principal, or the incapacitated individual.
What are the different types of powers of attorney?
There are several types of powers of attorney that you may choose from, depending on your unique situation. Some of those powers of attorney are as follows:
- Durable powers of attorney: These take effect as soon as the principal becomes incapacitated and do not have a predetermined end date. They also grant the agent total control over any affairs specified in the document.
- Non-durable powers of attorney: These are generally active for a specified, predetermined period of time and they are mainly used for “special transactions.” When the transaction ends, the power of attorney also ends.
- Springing powers of attorney: These can be either durable or non-durable, and they begin as soon as a triggering event occurs.
- Special powers of attorney: Special powers of attorney only apply to a very specific aspect of someone’s life. For example, if you co-own a business, you can grant your business partner the power to make certain business-related decisions on your behalf, should you ever become incapacitated.
- Medical powers of attorney: These are perhaps the most important powers of attorney someone can draft, as they give the principal’s loved on the authority to make certain key medical decisions on their behalf, should they no longer be able to do so on their own.
Contact our experienced New Jersey firm
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 20 years. That is why we are confident we have what it takes to provide you with the effective legal counsel you need. If you need experienced legal counsel, please contact Velasco Law Office and we will be happy to assist you.