New Jersey’s Baby Boomers have become the senior generation in the state. If you are older than 60, you may be realizing that you have new legal needs. End-of-life care, inheritances, and other concerns may be becoming more pressing.
If you are interested in legal assistance for older Americans, a local lawyer who is well-versed in your area of need could be of help. A New Jersey elder law attorney might be able to answer your questions about power of attorney, living wills and trusts, and other late-life legal actions.
Durable Power of Attorney in New Jersey
The durable power of attorney is like a standard power of attorney, in that it grants a trusted person the authority to act on the grantor’s behalf. A durable power of attorney, however, can last through the principal’s years of diminished capacity, rather than only after their death.
Per the New Jersey General and Permanent Statutes 46:2B-8.3, acts performed by an attorney-in-fact can have the same effect during the principal’s period of diminished capacity as if the grantor were competent. A New Jersey elder law professional may be able to go over the details of a durable power of attorney and make a plan for the future.
Living Wills and Trusts
New Jersey residents of advanced age may want to ensure that their wishes are fulfilled about their healthcare and maintain control of their funds until they pass away. In these cases, an elder law attorney in New Jersey may recommend a living will or trust.
A living will allows an individual to give advance directives for periods of hospitalization when they may not be able to speak for themselves. Some may indicate whether, or how long, a patient should be kept on life support, for example.
A living trust might be appropriate for an individual who wants to protect their assets to support their own livelihood before giving them away to loved ones. With a living trust, they may add or remove assets as needed until death, meaning that they can spend all or none of the monies in the trust.
This type of document may allow flexibility for older individuals who do not yet want to commit to a more lasting measure. It may also allow someone to switch to different estate planning product later if they wish.
During the lifetime of the grantor, a living trust may also be revoked, should a person change their mind about the named beneficiaries of the trust. A living trust may only become permanent after they are deceased.
Meet with a New Jersey Elder Care Lawyer
If you or someone you love is beginning to prepare for their financial or healthcare future, a New Jersey elder law attorney might be able to help. Contact a local New Jersey lawyer to discuss your estate planning needs. An adept attorney could assist clients with a living will, advanced directives, or other provisions for late-life healthcare.