A Power of Attorney is a document that authorizes another
person, known as the agent, to act on behalf of the principal.
It is used to delegate to the agent any power that the
principal has or wishes to give. It can be used to enter
into contracts or to sign checks in order to pay bills.
The Power of Attorney is a valuable tool for the lifetime
management of an individual’s assets. The agent’s
powers are limited to those powers listed on the document.
The Power of Attorney is a lifetime planning tool that
is used as a substitute for a court appointed guardian,
which can be a time consuming and expensive process.
A Durable Power of Attorney survives the incapacity of
the principal. A Power of Attorney can be effective
immediately or it can be Springing, which does not become
effective until the principal becomes incompetent. A
Power of Attorney can be General, giving the agent the
authority to do virtually anything, or it can be Limited,
giving the agent the power to do only certain types
of transactions, like closing the sale of real estate.
All Powers of Attorney terminate upon the death of the
principal.
Michael D. Weinraub, Certified Elder Law Attorney, provides experienced Elder Law, Power of Attorney, and Living Will services to clients in New Jersey, including, but not limited to, South Jersey and the surrounding communities of of Atlantic City, Ventnor, Margate, Longport, Galloway, Egg Harbor Township, Linwood, Northfield, Somers Point, Brigantine, Hammonton, and Ocean City; and in Atlantic County, Cape May County, and Ocean County.
