In Watchung, New Jersey, "power of attorney" refers to a number of different legal arrangements. However, the various 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 specific 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 usually 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 typically 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 functioning 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 particular 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 Watchung, New Jersey, you can find pre-printed power-of-attorney forms in many office supply stores. If the agreement you want to create isn't very complex, these could be a viable and very affordable option. Of course, it never hurts to have a lawyer help.
Types of Power of Attorney Arrangements in Watchung, New Jersey
In Watchung, New Jersey, there are 3 types of power of attorney. They are:
1. Limited power of attorney - this authorizes 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 happening 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 finish 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, finishing the deal. The power you've granted them would expire automatically once the deal is done.
2. Durable power of attorney - this gives the attorney-in-fact much more power than limited power of attorney. It can, in theory, give them unlimited power in a certain area of the principal's affairs. The document should lay out clearly what power the attorney-in-fact will wield. This agreement, when used carefully, can be very useful, permitting the attorney-in-fact to make important decisions for the principal as long as is necessary, because it does not automatically disappear after a single transaction. Furthermore, the principal can revoke the power of attorney at any time.
3. Springing power of attorney - this is close to durable power of attorney, but the power is conditional. That is, it does not take effect unless some certain event takes place. This event can be anything. Most commonly, however, the agreement authorizes the attorney-in-fact to make important medical and financial decisions for the principal, only in the event that the principal becomes incapacitated. However, there are sometimes disagreements over whether or not a person is really "incapacitated" to the point that the power of attorney has been triggered. This can lead to a court of law having to determine the issue.
Can a Watchung, New Jersey Lawyer Help?
Setting up a power of attorney arrangement in Watchung, New Jersey can be easy, but it can also be very difficult. It just varies on what you're trying to do. However, if you are at all unsure about how to proceed, it would probably be a good idea to have an attorney draft the agreement for you.