Power of Attorney is a document that gives an individual the power to act on your behalf in financial, legal, or healthcare matters if you’re unable to do so yourself. There are multiple types of POA documents, each granting different powers and responsibilities:
- General Power of Attorney: The most comprehensive, a general POA allows the person holding it (agent) to make legal, financial, and medical decisions on behalf of another.
- Durable Power of Attorney: Similar to a general POA, and durable POA also “survives” incapacity of the principal, providing the maximum level of protection.
- Limited Power of Attorney: You can use a limited POA to give another person the authority to act on your behalf in a specific context or for a predetermined period of time.
- Springing Power of Attorney: In New Jersey, a springing POA does not take effect until and unless the person who set it up (principal) becomes legally incapacitated.
A POA is an exceptionally important document, so get the ball rolling with Scott Counsel today!
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