New Jersey power of attorney allows a person (known as the “principal”) to select someone else (known as the “agent” or “attorney-in-fact”) to maintain authority over their financial matters, healthcare decisions, and other personal and/or business affairs. There may be a point in a person’s life where they feel they want to hand over certain powers related to their personal or business life to a trusted individual. Having a power of attorney in place means that the agent can perform certain tasks for the principal and, in some cases, this power will continue even if something happens to the principal, such as mental or physical disability or another type of incapacitation. The principal should be rational when making their selection; an attorney-in-fact must be trustworthy, competent, and responsible.
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A New Jersey durable (financial) power of attorney is a document that authorizes another person to handle a person’s financial matters. The authorized individual, or ‘attorney-in-fact,’ can be given control over all or a part of the principal’s personal and/or business finances. The principal should appoint someone who is reliable, possibly a relative or close friend, who will act in the principal’s best interest. This…
