New Jersey Estate Planning Attorney Christine Matus Explains the Powers of Attorney in Estate Planning
New Jersey estate planning attorney Christine Matus (https://matuslaw.com/estate-planning-attorney-new-york-city/trust-lawyer/) releases a new article explaining the powers of attorney in estate planning. The lawyer mentions that a power of attorney or POA is a document that gives someone else certain rights that an individual may normally hold. The principal gives authority to the attorney-in-fact to act on their behalf. According to the estate planning lawyer, there are four types of powers of attorney. These are General Power of Attorney, Durable Power of Attorney, Limited Power of Attorney, Springing Power of Attorney.
“A general power of attorney is the most wide-reaching grant of power available. The person that you designate can act in a variety of situations, including dealing with your financial matters. This POA is infrequently used as it is extremely broad, and many people do not want to give this much power to someone else,” says the New Jersey estate planning attorney.
The lawyer explains that a general power of attorney will be active as soon as the document is drafted and will stay in effect until the principal becomes incapacitated or passes away. The next type of power of attorney is called a durable power of attorney. This is commonly used to make decisions regarding health care, but it can also extend to other situations.
Attorney Christine Matus adds that a durable power of attorney will remain valid even after the principal is incapacitated or is unable to handle their own affairs. This is usually used in cases where the principal is an elderly individual who has developed dementia or other incapacitating health problem.
In the article, attorney Matus says that limited power of attorney is the type of power of attorney that allows the principal to give away only specific rights to the attorney-in-fact. This can be as limited as the principal would like. This power of attorney can also be set up to only apply for a specific period of time.
According to the estate planning lawyer, “A springing POA “springs” into action when the principal becomes incapacitated or debilitated. It will not apply immediately when written, unlike other types of POAs. You may need to have a doctor’s opinion to determine when someone is incapacitated. However, establishing incapacitation or debilitation can sometimes be difficult, which makes this POA tricky in some circumstances.”
Lastly, the lawyer emphasizes the importance of having a skilled estate planning lawyer. Having an experienced attorney may be able to help the family understand their rights and ensure that the assets are distributed according to the owner’s wishes.
About the Matus Law Group
The Matus Law Group has a team of estate planning attorneys who are committed to helping families and individuals in real estate transactions in New Jersey and New York. Through a team approach, they work hard to help their clients with their estate planning needs. Call The Matus Law Group today at (732) 785-4453.
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