The ability to make decisions concerning one’s own life is central to the legal process. From acquiring property, to selling real estate, to interacting with financial institutions, to applying for government benefits, only the parties seeking to benefit from these transactions have the authority to act on their behalf.
However, situations can arise where you may no longer be able to properly care for your needs. When this is the case, a power of attorney may be useful, a document that empowers another person to act in your place. A skilled legal professional could help you employ one. A Mount Laurel power of attorney lawyer could help you to better understand the purpose of these documents and take the steps necessary to empower others to take actions on your behalf.
Reasons to Create a Power of Attorney
Powers of attorney are potent legal documents that confer significant authority to other parties. Individuals should only create these documents in the utmost need and with the full confidence that the holder will act in their best interests.
In some situations, a power of attorney is a necessity. People may use them as a protective measure if they suspect that an illness or injury will soon take such a toll on their mental capacity and cause them to require aid from another. In other cases, a power of attorney can empower another person to act as a proxy. Common uses for these documents include property sales, home acquisitions, or tax filings. A knowledgeable attorney could provide a person with more information concerning the uses for power of attorney documents.
The Legal Concept Behind Powers of Attorney
The most common form of a power of attorney is the durable version. These documents empower another to act on behalf of the creator in all financial matters. New Jersey Revised Statute § 46:2B-8.2 outlines the length of a durable power of attorney and states that it will remain in effect regardless of the principal’s incapacity, disability, or age. This means that a durable power of attorney allows the holder to act on behalf of the principal until either the principal’s death or the principal rescinds the order. As a result, parties should only create a durable power of attorney if they fully trust the holder.
However, another version of a power of attorney exists: a limited power of attorney. These documents are limited in the sense that they confer powers for a specified length of time or for a specific purpose. As soon as that time period expires or the holder completes the objective of the document, it no longer has any legal effect. A power of attorney lawyer in Mount Laurel could help a person select the version of a power of attorney that is right for them.
Contact a Mount Laurel Lawyer for Valuable Advice About Power of Attorney
The right to retain control over your financial dealings is crucial, but it is possible to grant these powers to others through the use of a power of attorney. This can be helpful if you anticipate being unable to take these steps on your own in the near future or if you will be temporarily unable to protect your finances.
Not every power of attorney is the same. Some last for the rest of your life and grant total power over your financial affairs, while others last for a limited time or for an express purpose. No matter your need, a Mount Laurel power of attorney lawyer from our firm is ready to take your call.