In Wildwood Crest, 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 typically 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.
In Wildwood Crest, 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 Wildwood Crest, New Jersey
In Wildwood Crest, New Jersey, there are 3 forms of power of attorney. They are:
1. Limited power of attorney - this is probably the most limited type of power of attorney. It lets someone act on your behalf in a single instance. It is used most frequently in large sales transactions involving a written contract. If the closing of the deal is set to take place far away from where one of the parties is located, they can give limited power of attorney to someone who is closer. All you have to do is give that person the authority to act on your behalf in this one transaction. This authority automatically expires once the deal is finished.
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 - springing power of attorney is much like durable power of attorney, with one key difference: the power only takes effect upon the happening of a specific event. The principal is free to set whatever conditions they like in this arrangement, no matter how outlandish. Of course, in most cases, the setup is much more practical. A typical arrangement grants a close friend or family member to make certain decisions for someone else, but only if that person becomes unable to make them himself.
Can a Wildwood Crest, New Jersey Lawyer Help?
Because there are sometimes intricate issues involved in setting up power of attorney in Wildwood Crest, 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.