Special circumstances may require the need for a power of attorney for any person over the age of 18. Examples of such special circumstances are military personnel deployed overseas, incapacity of an individual due to illness or disability, or any person requiring assistance to carry out his or her affairs.
What is a Power of Attorney?
A power of attorney is a legal document in which the you (called the principal) designate another person (called the agent or attorney-in-fact) to act on your behalf to make decisions about your financial interests and property.
What does the Power of Attorney do?
The agent is able to pay the principal’s bills, sell assets to pay for medical expenses, help the principal plan for long-term care and obtain Medicaid, if applicable, make real estate or banking transactions, and represent the principal in transactions involving property or money.
Setting up a Power of Attorney
For the individual, the most important consideration is choosing your agent. An agent can be any person over the age of 18. In practical terms, agents are usually a spouse, parent, or adult child of the principal. There is a close relationship held together by trust. The agent has the legal capacity to handle the principal’s financial affairs, including selling off property, to pay bills, the largest being medical care and treatment if the principal is retired or incapacitated. The important thing to remember is that when a principal chooses an agent, the agent has the legal authority to act on behalf of the principal in the principal’s absence.
Revoking the Power of Attorney
A power of attorney can be unlimited or specific. For example, in a specific power of attorney, the principal can authorize an agent to sell his or her home or open a bank account. The power of attorney can revoked or modified at the request of the principal. A limit may be placed or the powers can be unlimited. To choose the right document for your family, schedule a consultation with an Elder Care Attorney in Jersey City today to discuss available options to protect your assets.
If You are Ready to Get Started Planning Your Long Term Health Care, Call an Elder Care Attorney in Jersey City Today
Planning for incapacity or retirement is an important part of an individual’s financial plan. Learn how to preserve your assets and protect your spouse if you lose the ability to manage your own affairs. Do not put your family and finances as risk because the wrong advice may cause you to spend down everything you own to qualify for Medicaid or long-term healthcare.
Giro Law is a New Jersey and New York law firm located in Jersey City, NJ that handles a wide range of legal matters that affect the elderly and disabled populations, including retirement, guardianship, health care, long term care planning, Social Security, Medicare/Medicaid, and more. To request a consultation with an Elder Care Jersey City Attorney, click here or call (201) 690-1642.