If you are a New Jersey resident over the age of 18 and you do not already have a power of attorney, you should think about working to get one in place before it is too late. A power of attorney is a legal document that gives someone that you designate the authority to make decisions for you in the event that you become incapacitated. According to U.S. News and World Report, these decisions can pertain to both financial matters and health care treatments.
Every New Jersey resident over the age of 18 should make preparations for powers of attorney. However, according to a Caring.com survey the unfortunate truth is that only 53 percent of adults in the United States have a power of attorney in place. The good news is that for Americans over 72 years old, 83 percent have granted this authority. Then, why is the general number so low? That is because millennials lag behind, with just 41 percent creating a power of attorney.
We have covered numerous issues on this blog, such as people who set up a power of attorney for one of their loved ones who is no longer able to take care of themselves. However, you may be in need of a power of attorney one day after becoming incapacitated for some unexpected reason. It is always important to plan ahead and have power of attorney plans in place even if they are never needed. In Ocean County, and all over the state of New Jersey, there are many different reasons why people set up a power of attorney and this may be the right move for you as well.
There are many different reasons why people need to have someone else care for their affairs. For example, someone may become incapacitated unexpectedly and no longer have the ability to take care of their finances or a small business they run. By designating a power of attorney, people are able to hand over this authority to an agent who is capable of managing their affairs. There are many different advantages when it comes to naming a power of attorney and in this post, we will review some of them.
If you’re left incapacitated by illness or injury, important questions about your future will be left to your family. Even if you believe that your family is fully apprised of your wishes that might not be the case. In fact, severe disputes could break out among your relatives if they disagree on the best course of action. Having an advance directive is key in this case, and WebMD explains some of the more common options at your disposal.
People designate a power of attorney for many different reasons. For example, a person who is unable to handle his or her affairs for whatever reason may decide that a power of attorney is the best way for their affairs to be managed properly, whether they are related to health care of a small business. Some people may even want to grant power of attorney to a person they trust for tax purposes, but it is important to make sure that you understand the ins and outs of this approach before moving forward.
It is very important to identify the right candidate when it comes to establishing a power of attorney, as we recently covered on our blog. Unfortunately, some people abuse the power they have and it is extremely important for power of attorney misconduct to be addressed right away. In Ocean County and other parts of New Jersey, this misconduct may take various forms and it can create many challenges for those whose rights are not respected. Whether you have set up a power of attorney for yourself or one of your loved ones or friends has a power of attorney, you should take action if you suspect abuse.
There are many considerations that people have when it comes to setting up a power of attorney, from finding the most suitable candidate to revoking a power of attorney (both of these topics have been addressed in previous posts on this blog). However, some people may need to help a loved one set up a power of attorney, whether they need support from someone they trust or you want to make sure that their interests are protected. Regardless of the reasons why a power of attorney is necessary, it is critical to approach the process correctly.
Your parent has taken steps to create an estate plan. However, he or she has recently discussed these documents with you, and you now have concerns that they are not really legal in New Jersey, particularly when it comes to the durable power of attorney.
In a recent post, we looked into considerations related to revoking a power of attorney. By making sure that you have identified the right person from the start, you may be able to avoid this situation. In this blog, we will go over a number of issues related to finding the right person to take on the responsibilities of serving as power of attorney and some of the characteristics you may want to look for.