Services / Powers of Attorney
A Power of Attorney (POA) is a written document that enables an individual, known as the "Principal," to designate another person, known as an "Agent" or an "Attorney in Fact," to act on the Principal's behalf. The scope of the POA can be severely limited or it can be quite broad.
Generally, the POA we provide is extremely broad and satisfies the latest amendments to New Jersey Power of Attorney laws, IRS rulings and cases that have come to our attention. We provide the broadest power to the agent so that the agent can take care of virtually any financial contingencies that maybe necessary. Of course, less power can be authorized if the client so desires. A POA can become effective immediately or upon disability. Whether the POA is effective immediately or upon disability is a personal decision. Nonetheless, each POA should be a "durable power of attorney," meaning it remains in effect whether or not the Principal becomes incapacitated or disabled.
As in the case of the selection of any fiduciary, choosing an agent for a POA is a personal one. The person you select must be competent, trustworthy, willing to take on the burden of your affairs, and be financially secure in their own right. If you do not have a POA and you become incapacitated, the Court will appoint a guardian for you. The person a court chooses may not be the same person you would have selected. In addition, the cost of the appointment of a guardian will be charged to the individual. Depending upon the length and breadth of the case, it could cost several thousands of dollars. A POA avoids this expense and selects the agent you want. The POA is an essential part of any estate plan.