There are certain situations, for example, medical emergencies, where your spouse or relative isn’t allowed to make decisions on your behalf. To enable them to do so, you’ll need a power of attorney.
In this article, we will be reviewing all you need to know about a New Jersey power of attorney.
What is New Jersey Power of Attorney?
The New Jersey power of attorney document grants an individual the rights to name another individual as his/her representative on all legal matters, as well as financial matters and transactions. The one who nominates the other is called the principal while the representative is described in legal terms as the agent or attorney-in-fact.
This should not be confused with a regular attorney. An attorney-in-fact can be the spouse, or relative of the principal. Essentially, it can be anyone who has the principal’s best interests at heart and is capable of handling the affairs the principal is designating to them.
By default, a nj power of attorney form isn’t durable. In other words, the power becomes void as soon as the principal becomes incapacitated. This is done to ensure that the agent does not go overboard with his/her powers when the principal can no longer exercise his/her powers to revoke the power of attorney.
For the content of a power of attorney form nj to be valid, the document must be signed in the presence of witnesses or a notary public. The witnesses have to confirm that the principal at the time of signing is of a sound mind and not under duress or the influence of alcohol.
Why Would You Use a New Jersey Power of Attorney Form?
A New Jersey power of attorney form is useful for a host of reasons. It is especially needful for elders and individuals at risk of Alzheimer’s and other mental illnesses. If you have a failing health and can no longer handle payment of bills, real estate transactions or filing for benefits, then it is high time you drafted a power of attorney.
That said, New Jersey power of attorney forms are not designed for the elderly and sick alone. They are equally recommended for young, healthy people who need people to represent them on different matters in their absence. Once an individual attains the legal age of 18 years, no one is legally allowed to make decisions on his/her behalf or speak to a healthcare practitioner on his/her behalf.
A principal can hire an agent to handle his/her business transactions and tax-related matters. To avoid dispute in the future, the roles of the agent should be listed in specific language. The terms of the document should contain under what capacity agent can or cannot act.
What Are The Power of Attorney Requirements in New Jersey?
The power of attorney requirements in New Jersey isn’t so different from what is expected elsewhere. But there are a few peculiarities with the requirements here in New Jersey.
To begin with, nj power of law requirements are listed under Title 46 or New Jersey’s Revised Statutes. Here are some of the contents of that code:
- The power of attorney nj form must be signed by legal and competent adults
- Two witnesses must be present at the signing of the document. They must also append their signatures and be able to attest that the principal was of sound mind and judgement while signing the document. To provide evidence of this, they are allowed to take a video or audio recording of the proceedings.
- A directive that the power of attorney becomes effective only after a doctor can attest that the principal has lost their decision-making abilities.
Types of Power of Attorney Forms in New Jersey
There are different types of power of attorney, each with its peculiarities. These are some of them:
Here, the power of attorney grants the agent rights to handle the financial and legal matters of the principal. However, this power becomes void as soon as the principal becomes incapacitated or disabled.
Limited power of attorney:
Like the name suggests, here, the powers of the agent are limited to a specific matter(s) or business transactions. Take, for example, the principal can appoint an agent to handle only tax-related matters or transactions relating to his/her real estate property.
Durable power of attorney:
The term ‘durable’ is what distinguishes it from the general power of attorney. Here, the agent still has powers over the principal’s finances and legal matters upon their incapacitation.
How to Write A New Jersey Power of Attorney?
With or without the help of an attorney, you can draft a power of attorney. But you have to ensure that it contains the following:
- The title of the document
- Identity of the principal and agent
- Date of signing by agent and principal, as well as the date the power of attorney becomes effective
- Detail the particular powers and responsibilities of the agent
Whether you have a failing health, or you are as healthy as a horse, a power of attorney can be a good form of insurance against casualties. If you can’t draft one, especially one for New Jersey, CocoSign can help with that. You can download any of the New Jersey power of attorney forms to get started.
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