The following article was written by Franklyn Aronson, Esq. Of Kamensky♦Cohen & Associates and can be found on New-Jersey-Lawyers.com
A Power of Attorney (POA) is a legal document giving another person or institution the right to do certain legal acts or tasks for another person (the Principal). This document may be one of the most important in an Estate Planning. It will save significant time and money if circumstances necessitate its use. A person giving another Power of Attorney can make it very broad (General POA) or can limit it to certain acts ( Limited POA).
The person giving another a Power of Attorney does not surrender his or her rights. It simply authorizes another to act on his or her behalf, much like giving another person an extra set of keys to your house; you, of course, still maintain the access to your house yourself and you can take back the key or change the locks if you choose.
A “General” Power of Attorney gives your agent very broad powers to do almost every legal act that you can do. The document will list numerous authorizations and then contain a general catch-all authorization for the person with the Power of Attorney to perform acts for you. It will include financial, health and property management powers. A “Limited” Power of Attorney gives the agent only certain powers or rights to engage in a particular transaction on your behalf, such as signing financial documents on your behalf if, say, you cannot be present at a house closing.
A “Durable” Power of Attorney comes into play if what you want to accomplish is having . …..click here to finish this article
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