Table of Contents
A power of attorney gives another person or entity the authority to act as an individual’s legal representative. In New Jersey, a power of attorney is a specific document that is recognized by the state and needs to be prepared and executed in accordance with New Jersey law.
II. Types of Power of Attorney in New Jersey
A. General Power of Attorney
A general power of attorney (POA) in New Jersey gives the appointed agent broad authority to make decisions on behalf of the person granting the POA (also known as the ‘principal’). This authority can include financial decisions, such as managing bank accounts, making investments, filing tax returns and entering into contracts.
B. Limited Power of Attorney
A limited power of attorney (LPOA) is more focused than a general POA. It grants the agent authority to make only certain specified decisions on behalf of the principal. For example, an LPOA might be used to allow the agent to handle a real estate transaction on behalf of the principal.
III. How to Get Power of Attorney in New Jersey
In New Jersey, there is no fee for obtaining a power of attorney. The only cost associated with getting a POA is for any legal advice or assistance you might seek in filling out the document.
B. Without a Lawyer
It is possible to obtain a power of attorney without a lawyer in New Jersey. The state provides a form for general power of attorney and limited power of attorney on its website. The form must be filled out in accordance with New Jersey law, and it is important to make sure the document is accurately completed.
C. For an Elderly Parent
If you need a power of attorney to act on behalf of an elderly parent, the process is the same as for any other person. You will need to fill out a New Jersey power of attorney form and get the required signatures. It is important to make sure the parent understands the document they are signing and the authority they are granting to the agent.
IV. How Long Does It Take for a Power of Attorney to Become Active?
Once a power of attorney is executed, it becomes active and the agent can begin exercising the authority granted in the document. It is important to note that the authority granted in the POA is only effective during the lifetime of the principal. Once the principal dies, the POA is no longer valid.