In Jersey City, New Jersey, "power of attorney" refers to a number of different legal arrangements. However, the numerous systems which fall under the umbrella of that term have one thing in common: if somebody grants power of attorney to somebody else, the person with power of attorney is authorized to make given decisions on behalf of the person who granted it. There are many reasons why a person might want to grant this power to another, but it frequently granted in contemplation of the possibility that the grantor might become unable to express his or her wishes due to some form of incapacity.
Any power-of-attorney arrangement creates the possibility that the attorney-in-fact will abuse the power he or she has been authorized, and it's simply not feasible to totally eliminate this possibility. It can be minimized, however, by giving the attorney the bare minimum amount of power needed to carry out your wishes, and making your wishes known in writing (with copies held by at least one other person) well in advance. When authorizing power of attorney, you can usually grant as much authority as you want, so you need to be very careful, and only give this legal authority to somebody you know and trust. Also, you should consider your circumstances and objectives when determining what type of power to grant.
For instance, if you have very particular wishes concerning end-of-life care, you should, of course, make them clear to the person who will be operating on your behalf, and make sure they are ready to carry them out. You should then grant them power of attorney, with the scope limited to specific healthcare and financial decisions. That way, if you become incapacitated, your loved one will be able to carry out your wishes, even if you are unable to express them.
In Jersey City, New Jersey, you can likely find pre-printed forms at office supply stores available for purchase. They already have the basic terms of a power-of-attorney agreement written, and just need the parties to fill in the blanks with names, dates, and a few other details.
Types of Power of Attorney Arrangements in Jersey City, New Jersey
There are 3 general arrangements that power of attorney can involve in Jersey City, New Jersey. They are:
1. Limited power of attorney - this is the most limited form of power of attorney. It lets the attorney-in-fact exercise his or her power once, and in only one instance (laid out by the principal, of course). This is regularly used in business deals, if it is not convenient for the actual party to a deal to be physically present for the signing of some documents, it can be done through an attorney-in-fact. You simply need to give them the right to sign the paperwork on your behalf, and it will be just as binding as if you had signed the documents yourself.
2. Durable power of attorney - this gives the attorney in fact the power to make decisions on a general area of the principal's affairs (for instance, the authority to access the principal's assets to pay the principal's debts, or the power to make healthcare decisions on behalf of the principal). Unlike limited power of attorney, durable power of attorney does not expire unless the principal revokes it. This is useful, because it permits the attorney-in-fact to make important decisions for the principal if the principal becomes incapacitated.
3. Springing power of attorney - this is a lot like durable power of attorney, but it does not typically take effect immediately. Alternatively, the power vests on the occurrence of specific condition(s) laid out by the principal. The principal could make the condition anything he or she wants, authorizing power of attorney to vest only if, say, a person flies to Saturn. Of course, these arrangements are typically not so outlandish. Typically the event that must take place is the principal becoming incapacitated. This grants the principal to make his or her own decisions while they're able, but also ensures that someone they trust will be able to carry out their wishes in the event that they become too sick or weak to express them.
Can a Jersey City, New Jersey Lawyer Help?
While setting up power of attorney in Jersey City, New Jersey can be simple, there are some cases in which it will inevitably be convoluted. In such cases, the process will be much easier if you have a reliable attorney to help you along the way.