Cherry Hill Power of Attorney Lawyers
Power of Attorney (POA) is an Essential Part of an Estate Plan
At Scott Counsel, P.C., our Cherry Hill power of attorney lawyers help people find peace and protection with comprehensive estate planning. A POA is a core part of a comprehensive estate plan in New Jersey. If you have questions or concerns about setting up POA documents, we are here to help. Give our Cherry Hill office a call at (856) 925-7281 or send us a direct message to schedule a fully confidential initial appointment with an experienced New Jersey estate planning attorney.
What is a Power of Attorney (POA)?
Estate planning is about more than determining who will inherit your property and estate. It is also about putting a well-designed legal structure in place to protect yourself in the unfortunate event that you become temporarily or permanently incapacitated. For this reason, a power of attorney (POA) is one of the most important estate planning documents.
In effect, a power of attorney is a legal document through which an individual (the principal) can authorize a trusted family member or friend (attorney-in-fact) to act on their behalf. There are actually several types of powers of attorney in New Jersey. As with other estate planning tools, a POA document can be customized to most effectively meet your needs.
Understanding the Types of Powers of Attorney in New Jersey
In New Jersey, power of attorney documents actually fit into four broad categories. What type of power of attorney makes the most sense for your estate plan depends on your specific needs and goals. Here are the key things to understand of about the different types of POA in New Jersey:
- General Power of Attorney: A general power of attorney is the most broad. An attorney-in-fact who holds general POA will have the authority to make financial, legal, and medical decisions on behalf of the principal. A general POA takes immediate effect. However, it expires the moment that the principal passes away or becomes incapacitated. In other words, if you are incapacitated due to an injury or illness, a general power of attorney will no longer be valid.
- Durable Power of Attorney: A durable power of attorney survives the principal’s incapacitation. Durable POA is otherwise similar to general POA. The key distinction is that a durable POA remains valid throughout the life of the principal, unless it is actively revoked. For this reason, a durable power of attorney can be an effective estate planning tool.
- Limited Power of Attorney: A limited power of attorney is a type of restricted POA. Most often, limited power of attorney is used to achieve a specific purpose. It can be limited in any number of ways—it could have a short duration or it could only carry certain authorities. If you have any questions about using a limited power of attorney as part of your estate plan, our Cherry Hill, NJ attorneys can help.
- Springing Power of Attorney: A springing power of attorney is a specialized type of POA that only takes effect upon a conditional event in the future. Most often, a springing POA will become effective at the moment of the principal’s incapacity. Put another way, with a springing POA that takes effect at incapacity, the selected attorney-in-fact will have no immediate authority to act on behalf of the principal. However, they will have full authority if the principal becomes incapacitated and unable to manage their own affairs.
Know the Limits: What You Can and Cannot Do Using Power of Attorney
Plenty of misconceptions exist regarding powers of attorney—and what they can and cannot be used to do. If you are getting ready to set up POA documents as part of your estate plan, it is crucial that you have all of the knowledge and information that you need to proceed. Here are five things about what can and cannot be done using a person’s power of attorney:
- You can assign your power of attorney to virtually any person. It could be a spouse, a family member, a friend, a co-worker, or a legal professional. Any competent adult can hold POA in New Jersey.
- You can revoke a POA once it has been assigned. As long as you are of sound mind, you have the right to alter your power of attorney documents and other estate planning documents.
- You cannot change someone’s will using a power of attorney. A will is a separate estate planning document. No type of POA in New Jersey allows someone to alter a will.
- You cannot use power of attorney after the principal has died. Once someone passes away, the POA is no longer valid. Their will or other estate planning documents take effect.
How Our Cherry Hill Power of Attorney Lawyers Can Help
Planning for potential future health problems and/or incapacity can be deeply uncomfortable. At the same time, it is critically important. At Scott Counsel, P.C., we help people put comprehensive estate plans in place, including POA documents. When you give our Cherry Hill law office a call, you will be able to speak with a New Jersey estate planning attorney who can:
- Answer any questions that you have about power of attorney (POA) documents;
- Draft POA documents that most effectively achieve your objectives; and
- Help you craft a detailed estate plan that best protects you and your family.
We are committed to providing people and families with reliable estate planning information in an understandable, easily-digestible manner. With a history of reviews from clients, you can rely on our Cherry Hill estate planning lawyers for assistance with powers of attorney and other key elder law issues.
Do You Have Questions About the Power of Attorney in Cherry Hill, NJ?
We can help. At Scott Counsel, P.C., our Cherry Hill power of attorney lawyers have the skills, experience, and legal expertise that you can rely on. If you have questions about POA documents, we can help. Call our Cherry Hill law office at (856) 925-7281 or connect with us online to set up your completely private initial consultation. We provide estate planning services throughout South Jersey and Southeastern Pennsylvania.