In North Bergen, New Jersey, "power of attorney" refers to a variety 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 often 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 granted, and it's simply not feasible to completely eliminate this possibility. It can be minimized, however, by giving the attorney the bare minimum amount of authority 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 granting 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 example, if you have very specific 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 prepared 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.
Sometimes, you can find pre-printed forms in North Bergen, New Jersey allowing you to easily draft a power of attorney document. In some cases, this may be all you need. These forms already have the basics of such an agreement committed to writing. All you and the other party have to do is fill in the blanks, per the instructions, and possibly have the forms notarized.
Types of Power of Attorney Arrangements in North Bergen, New Jersey
In North Bergen, New Jersey, power of attorney can take three general forms. They are as follows:
1. Limited power of attorney - this permits the attorney-in-fact to act on your behalf on a single subject, in one instance. This is a good option if you are involved in a business transaction occurring in another state or country. Suppose you want to buy a house on the other side of the country, and just need to sign a few papers to complete the deal. Rather than incurring the expense of traveling there, you could give limited power of attorney to a third party who lives in that state, and they can sign the paperwork for you, finalizing the deal. The power you've granted them would expire automatically once the deal is done.
2. Durable power of attorney - unlike limited power of attorney, this does not automatically expire, and can last as long as the principal wishes. It can also be revoked by the principal. For example, if you want someone to handle your financial affairs for a time, you can give them the relevant authority in your power of attorney agreement, and it will last as long as you want it to. Of course, you should only give such power to someone you trust.
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 North Bergen, New Jersey Lawyer Help?
Because there are sometimes intricate issues involved in setting up power of attorney in North Bergen, New Jersey, you should consult with a lawyer beforehand. You can tell the lawyer all of the relevant details about your specific situation, and your goals, and he or she will be able to advise you on the best course of action.