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A New Jersey power of attorney is a legal document that provides the authorization for a person, referred to as an agent or attorney-in-fact, to make financial decisions, healthcare decisions, real estate decisions, or estate decisions on behalf of the person granting this authority. A New Jersey power of attorney is often used during the estate planning process. It is also a useful tool in other circumstances.
Quick Reference:
The person granting permission is referred to as the principal, donor, or grantor.
The person receiving authorization is known as the agent or attorney-in-fact.
A New Jersey power of attorney document must comply with New Jersey law Title 46 of New Jersey’s Revised Statutes, also known as the General Durable Power of Attorney Act. These statutes specifically outline the parameters of a legally enforceable power of attorney and ensures that the form, as well as its duties, are protected under the law. Here are some of the state’s power of attorney requirements:
The principal can explicitly state which powers the agent can and cannot use on their behalf. The principal also has the right to revoke (terminate) the POA, even if it is durable, as long as the principal is competent. Additionally, a POA is terminated when:
There are many reasons why someone would use a New Jersey power of attorney to give someone else the authority to make decisions related to their tangible personal property, financial institution transactions, tax matters, or their well-being. Some of those decisions include:
Every person’s need for a power of attorney varies. There are several types of POAs available. Because of this, it is important for you to get legal advice so that you choose the right one to meet your needs. You should also ask how to revoke the power of attorney in the event it becomes necessary. Here are the most common New Jersey powers of attorney.
General Power of Attorney
A general power of attorney is often referred to as a financial power of attorney. It is often used to give powers to an agent to make decisions on behalf of the principal.
New Jersey Durable Power of Attorney
A New Jersey durable power of attorney is an "extended version" of a general power of attorney because it goes beyond the parameters of a general power of attorney.
Limited Power of Attorney
A limited power of attorney grants limited power to whatever the principal specifies.
Healthcare Power of Attorney (Proxy Directive)
A healthcare power of attorney, also known in New Jersey as a proxy directive, grants power to the agent to make healthcare decisions on the principal's behalf.
Minor Child Power of Attorney
A minor child power of attorney allows a parent or guardian to grant decision-making rights over their minor child to a temporary guardian in the event that the parent or guardian may not be present during a medical emergency.
Real Estate Power of Attorney
A real estate power of attorney grants power to the agent to buy, sell, and manage real estate on the principal's behalf.
Tax Power of Attorney
A tax power of attorney, officially known as Form M-5008-R, allows the agent who is usually a qualified individual such as an accountant, to prepare and submit tax information to and discuss tax matters with the Division of Taxation on behalf of the principal.
Vehicle Power of Attorney
A vehicle power of attorney allows the agent to buy, sell, and handle the necessary paperwork with the New Jersey Motor Vehicle Commission on the principal's behalf.
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