Princeton Power of Attorney Lawyer

Princeton Power of Attorney Lawyer

Powers of attorney can be beneficial to Princeton residents for many different reasons and in a variety of circumstances. Generally speaking, by creating a power of attorney, you are giving another person you trust the authority to make certain types of decisions on your behalf. You can give someone that type of authority immediately, or you can specify that the power of attorney will take effect if you become incapacitated and cannot make certain types of decisions for yourself. An experienced Princeton power of attorney lawyer is here to help.

Reasons for Princeton Powers of Attorney

Why should you consider a power of attorney? Think about the following reasons for creating a power of attorney:

• Naming someone to help you with your finances;
• Allowing someone to enter into legal arrangements on your behalf; and
• Having peace of mind knowing that another person you trust can make health care decisions based on your wishes.

Princeton Types of Powers of Attorney

Many different types of powers of attorney exist under New Jersey law, and it is important to work with a power of attorney lawyer in Princeton who can explain the different kinds of legal instruments and can provide you with more information about which ones may be appropriate for you to consider. The following are some of the most common types of powers of attorney that are created in New Jersey:

• Durable power of attorney: When someone thinks of a power of attorney, this is typically the type of power of attorney they are considering. A durable power of attorney lasts until the end of the life of the principal (i.e., the person creating the power of attorney) or until the principal decides to revoke the power of attorney. A durable power of attorney can take effect immediately upon naming the agent or attorney-in-fact (i.e., the person who can make decisions on behalf of the principal), or it can take effect when the principal becomes disabled or incapacitated and thus unable to make decisions on his or her behalf. In the latter scenario, the power of attorney is also known as a “springing” power of attorney, which we will explain in more detail below. It is important to know that a durable power of attorney cannot be revoked once a principal becomes legally incapacitated, but otherwise, the principal can revoke the power of attorney at any point.
• Springing power of attorney: When a power of attorney is a springing power of attorney, it will take effect at a certain point in time or when the principal becomes physically or legally incapacitated and unable to make decisions on his or her behalf. A health care power of attorney is a common type of springing power of attorney that will only take effect when the principal cannot voice his or her wishes about health care.
• Limited power of attorney: Limited powers of attorney are exactly what their name suggests, meaning that they are limited in scope. Most limited powers of attorney are limited in terms of the type of power the agent or attorney-in-fact has and/or the period or specific legal matter for which the attorney-in-fact has those powers. For example, a person might create a limited power of attorney to enable her adult child to sell her home and to close the real estate deal. Or, for example, a person selling or buying a house might name a real estate lawyer as attorney-in-fact through a limited power of attorney for that lawyer to handle certain aspects of the transaction.
• Financial power of attorney: Financial powers of attorney are often durable powers of attorney, and they can take effect immediately or they can be “springing” POAs. With a financial power of attorney, the principal names another person who can handle their financial affairs. In some cases, a principal will want a trusted person to begin handling their finances immediately, but other financial powers of attorney will name an agent who will only be able to handle the principal’s financial affairs if the principal cannot do so for herself or himself.
• Health care power of attorney: In New Jersey, this is known as a “proxy directive,” or durable power of attorney for health care. A health care power of attorney will last until a person’s death (unless it is revoked before that person becomes incapacitated), but it will only take effect upon the event of the principal’s incapacity. To be clear, another person will never be able to make health care decisions for you through a proxy directive unless you become incapacitated and unable to voice those decisions yourself. In this way, you should think of the health care power of attorney as a “springing” POA.

To be clear, a power of attorney can have multiple of these characteristics at once. In other words, you can have a durable financial power of attorney, or durable healthcare power of attorney, and any of these powers of attorney may be “springing.” You should always choose someone you trust to be your attorney-in-fact, and a Princeton power of attorney lawyer can discuss the best ways to select another party to serve as your agent.

Seek Advice from Our Princeton Power of Attorney Lawyers

There are many aspects of the estate planning process, including the creation of powers of attorney. The type of power of attorney that may be right for you will depend upon the specific circumstances, and your estate planning lawyer may speak with you about more than one type of power of attorney. Indeed, many people choose to create powers of attorney for both health care and legal or financial matters, and one of our experienced power of attorney lawyers in Princeton can provide you with more information today. Powers of attorney can give you peace of mind knowing that someone you trust will be able to handle your health care and financial matters for you if you become unable to do so yourself. Contact Scott Counsel, P.C. online or call our firm today at (856) 281-3131 to learn more about powers of attorney in New Jersey and Pennsylvania.