What is power of attorney or durable power of attorney?
In New Jersey, any person of capacity, 18 or older, can designate another person to serve as Power of Attorney to act on his/her behalf. Power of attorney can be limited to certain specific responsibilities or it can cover large general areas of decision-making regarding financial affairs. It is best to work with an attorney to make the arrangement as precise but as flexible as needed. The individual does not give up decision-making power with a signed power of attorney. He/she has simply named an agent who has the authority to act under circumstances as outlined in the power of attorney document. Should the individual become incompetent, the agreement will continue (be durable) unless specifically prohibited in the original agreement.
