Different Types of Powers of Attorney in Princeton
A power of attorney is the right of one person to appoint another to act on his or her behalf. The power of attorneys allows someone who can’t make decisions for themselves to have someone else do so, and is often used when a person has lost the ability to make decisions for themselves as a result of illness or injury. It allows them to leave their affairs in order before they go away, and take care that nothing happens without their consent.
A Princeton NJ estate planning lawyer will find the best way to transfer your assets, ensure that your power of attorney is accurate, and update your living trust and other documents to ensure that you are taking care of your family. The form of power of attorney you have to make really depends on who you are giving the power to.
For now, let us now see into different types of powers of attorney in Princeton.
Durable power of attorney
This gives one person the right to make decisions on behalf of another person in case they are unable to do so. You can set a time frame on when this power will cease to exist. This allows you to appoint someone else to deal with your assets. Is important that you register the power of attorney in the state where you live, so that they understand that this is an official document, and sets out who can make decisions on your behalf.
Springing power of attorney
This is a document that has the same powers as a power of attorney, but it only takes effect when you become unable to handle your affairs. You can appoint someone to make decisions on your behalf in specific circumstances.
Limited power of attorney
It is a limited power of attorney if it only allows someone to make decisions that are very specific. What are the limitations? For example, a limited power of attorney will not allow someone to make decisions about your pension and retirement savings.
Financial power of attorney
This document allows someone to make financial decisions on your behalf. It is the same as a power of attorney, with the exception that it only deals with money.
Medical power of attorney
It allows someone to make medical decisions on your behalf. When making medical decisions, it is important to note what you consider life-support. When you appoint someone else to make these decisions for you, be sure to include your wishes about life support.