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Written by Fredrick P. Niemann, Esq. of Hanlon Niemann & Wright, a New Jersey Elder Care Attorney
A Durable Power of Attorney is an Absolutely Crucial Legal Document. At Hanlon Niemann, Our Attorneys Have Prepared Thousands of Powers for Over 30 Years. Please Contact Us Today.
A Durable Power of Attorney in NJ
A Durable Power of Attorney is an indispensable planning tool for just about everyone over 18. It is particularly useful for individuals who are concerned about physical or mental disability or incapacity. The following are the major highlights, benefits and consideration when signing a Durable Power of Attorney (DPA).
What is a “Power of Attorney”?
A Power of Attorney is a written document which grants another person the legal authority to act on your behalf. You can grant legal authority for almost anything, whether you want it to apply broadly or be limited to just a particular matter (i.e. writing checks and making deposits), the sale of a particular asset of yours, and even for a limited period of time (say 6 months).
You can get lots of additional information about the benefits and disadvantages of having a Durable Power of Attorney by visiting our New Jersey Power of Attorney website. It’s dedicated to just this topic.
Why a Durable Power of Attorney in New Jersey
is So Important to Aging Individuals
Actual Client Testimonial
Prior to her death in 2008, I was my Mom’s Power of Attorney. She moved to North Carolina to live out her final years with me and my family. Previously, she had lived her entire life in New Jersey.
After her death, property in New Jersey left to me and my siblings, was supposed to be sold and divided among us but unfortunately an unhappy sibling refused to cooperate.
After researching attorneys in New Jersey, I hired Fredrick P. Niemann, Esq. to represent my interests. I am glad that I did. His office was terrific and advocated forcibly and professionally on my behalf. We were kept informed throughout the entirety of the case and the quality of the work was excellent. While stressful at times, the legal dispute was successfully resolved, the case against me dismissed and I was able to cause the property to be sold and the proceeds distributed.
Mr. Niemann and his very capable associates and paraprofessionals did a competent and thorough job and I recommend them to all who are reading this testimonial.
– Craig and Lisa Rose, Beaufort, North Carolina
What Benefits Does a Durable Power of Attorney Provide?
A Durable Power of Attorney can avoid the need for a conservatorship or guardianship. A conservatorship or guardianship involves a court hearing in which one person (the “conservatee” or the “incapacitated person”) is found to be unable to handle his or her own affairs, and another person (the “conservator” or “guardian”) is appointed to handle their affairs. A conservatorship or guardianship can be an expensive process (in excess of $5,500), with ongoing court supervision and bonding required until the death of the incapacitated person.
A properly drafted Durable Power of Attorney satisfies the need for “surrogate management” by having a person appointed while the giver of authority still has capacity. No court proceeding is required. This document is one of the most important documents you can have.
How is a “Durable” Power of Attorney Different?
A regular Power of Attorney is only valid for as long as the person signing the document has the capacity to understand its significance and meaning. It is not durable meaning its not “forever” even after disability or loss of competency. But you can choose to make your POA durable. There are two types of “Durable” Power of Attorney. These types are:
(1) Effective immediately. This power is effective when signed and remains effective, even if the person becomes completely incapacitated.
(2) Effective only upon incapacity. This type of power becomes effective if and only if the person becomes incapacitated in the future.
What Powers and Decision Making Authority Can Be Given in a Durable Power of Attorney?
The power to handle all of a person’s personal and financial affairs can be conveyed in this document if properly written and described. It requires the necessary language. This language can include the power to invest and sell assets, to enter into contracts, to collect and recover assets, to make gifts and deal with all types of insurance, to operate or sell a business, to transact banking, to file documents with the State of New Jersey or other governmental agency on your behalf, including the IRS and to handle other tax and trust issues. Alternately, the document can select special areas of authority and delete others. It can also address life care planning and personal decision making for another’s welfare. For example, selection of doctors, medications, living arrangements, medical care insurance plans, etc.
Should You Use a “Form” Durable Powers of Attorney?
Sometimes yes, often times no. Legal forms are available but may be inadequate for your needs. If they are used, they should be used only after advice from an attorney with an understanding of their uses and limitations. There are a number of reasons for this warning:
- These documents convey an enormous amount of authority. An “attorney in fact” or agent typically has virtually complete control over a person’s assets. As such, it is frequently necessary to go beyond the forms to build in protections for the signing person.
- Special needs, concerns and limitations often necessitate the drafting of a personalized document.
- Some forms require the person to choose from various options that are included in the document, but do not explain the existence or implications of such choices.
- Many standard forms omit required specific language to undertake, for example, asset protection planning and qualifications for Medicaid eligibility.
An experienced New Jersey Power of Attorney lawyer can assist you. A Durable Power of Attorney, if properly drafted, may be one of the least expensive forms of legal insurance a person can buy. Perhaps even more important than the documents that discuss how we want things distributed upon death, the Durable Power of Attorney specifies how we want things done while we are still alive, but unable to manage our affairs. Anyone who is age eighteen or over can sign such a document.
Have questions about a NJ Durable Power of Attorney,
then contact Fredrick P. Niemann, a trusted and experienced NJ elder care attorney
toll-free at (855) 376-5291 or
email him at email@example.com.
He welcomes your inquiries.