Power of attorney (POA) documents are important legal tools that allow you to smoothly transfer your own authority to someone whom you trust to handle it on your behalf. Having carefully considered powers of attorney in place comes with serious peace of mind. If you can’t make key decisions on your own behalf, you can count on the person named in your POA document to do so in accordance with your wishes. This makes it important to choose someone who understands and appreciates your values, priorities, and goals.
Turn to our experienced New Jersey estate planning attorneys at Rice & Quattrone, PC, for the help you need.
The Importance of Assigning Powers of Attorney
In the event you are ever temporarily incapacitated or experience a long-term incapacitation, having the necessary powers of attorney in place helps bypass the state’s intervention. In the process, you limit your own and your family’s exposure to complex and costly legalities.
Without a well-considered POA, there is an absence of authority in the event you ever become incapacitated. At that point, your authority to assign an agent passes to the court. By assigning someone whom you trust to make critical decisions for you, you set the stage for your wishes to be upheld and for the decision-making process to be more streamlined.
When the Authority Granted by a POA Is Triggered
Authority granted by a POA can either be “immediate” or “springing,” meaning authority under the POA does not “spring” into effect until your incapacity. One of our Certified Elder Law Attorneys at Rice & Quattrone, PC, can help you decide which is more appropriate for you. In either instance, if you can’t make key decisions for yourself, whether the issue is temporary or long-term, the person named in your POA can take over.
The Various Concerns Addressed
Powers of attorney generally break down into the categories of financial POA and healthcare POA.
Financial Power of Attorney
A financial POA can apply to a specific financial matter, can apply to your entire estate, or can land anywhere in between. It’s generally advisable, however, to consider financial authority in relation to supporting your ongoing care, in the context of your wishes. This includes all the following that apply:
- Liquidation of your assets as required
- Use of your assets to cover necessary expenditures
- Real estate matters
- Gifts for your loved ones
- Discretionary spending
- Bill paying and other routine banking services
- Asset management and protection
- Retirement account distributions
- Tax matters
Healthcare Power of Attorney
Doctors are seriously limited by HIPAA (Health Insurance Portability and Accountability Act), which makes having a medical POA in place a critical concern. Your healthcare POA should also directly address the matter of your long-term medical needs. This helps to ensure that your wishes will be upheld and can bolster your agent’s confidence in the decisions they make on your behalf.
Our Experienced New Jersey Estate Planning Lawyers Are Here to Help
Our capable Certified Elder Law Attorneys at Rice & Quattrone, PC, are committed to helping you establish powers of attorney that bolster your confidence in the future, which is a primary function of estate planning. For more information, please don’t wait to reach out by contacting us online or giving our firm a call at 856-673-0048 today.