What is the primary purpose of a durable power of attorney?

The primary purpose of a durable power of attorney is to grant a trusted individual, known as the agent or attorney-in-fact, the legal authority to manage various aspects of your life if you become unable to do so yourself, often due to incapacitation or illness. This legal document is designed to safeguard your interests by allowing your agent to make financial decisions, handle personal matters, and act on your behalf. It serves as a vital component of your estate planning, ensuring that your affairs are managed according to your preferences, even when you are unable to express them.

What is the difference between a regular power of attorney and a durable power of attorney?

The key distinction between a regular power of attorney and a durable power of attorney lies in their durability and the circumstances under which they remain valid. A regular power of attorney loses its validity if the principal becomes incapacitated, meaning that the agent can no longer act on the principal's behalf in such situations. In contrast, a durable power of attorney remains in effect even when the principal is incapacitated, making it particularly valuable for long-term planning and situations where the principal may lose decision-making capacity due to illness, accidents, or aging.

What types of powers of attorney are commonly used in estate planning, and how do they address different aspects of a person's life and affairs?

In estate planning, several types of powers of attorney are commonly used to address various aspects of a person's life and affairs. These include the healthcare power of attorney, which grants authority for medical decisions, the general power of attorney, which covers financial and legal decisions, and the limited power of attorney, allowing the principal to specify the extent of authority granted to the agent for specific purposes.

Under what circumstances does a power of attorney become invalid, and how does the durability of a power of attorney affect its validity in these situations?

A power of attorney can become invalid in several ways. It may be revoked by the principal, expire upon reaching a predetermined expiration date, or lose validity when the principal becomes incapacitated, especially if it is not durable. The durability of a power of attorney is crucial, as a durable power of attorney remains in effect even when the principal is incapacitated, ensuring that the agent can continue to act on their behalf in times of need.

What role does an agent play in a durable power of attorney?

In a durable power of attorney, the agent assumes a critical role as the trusted individual entrusted with making decisions and managing various aspects of the principal's life when the principal is unable to do so. These responsibilities often encompass financial matters, legal decisions, and personal affairs. The agent's role is defined by the specific powers granted in the durable power of attorney document, and they must act in the best interests of the principal while adhering to the principal's wishes and instructions.

Can an agent continue to act on behalf of the principal after the principal's death?

No, a power of attorney, including a durable one, automatically loses its validity upon the death of the principal. Following the principal's death, the agent no longer has legal authority to represent the principal or make decisions on their behalf. Any actions taken by the agent after the principal's death are considered unauthorized and lack legal validity.

What is the significance of consulting an attorney when creating a durable power of attorney?

Consulting an attorney is of paramount importance when creating a durable power of attorney because legal guidance ensures that the document is meticulously drafted, legally sound, and aligned with your specific intentions. Attorneys, such as those at The Matus Law Group, possess the expertise to customize the power of attorney to your unique circumstances, helping you avoid potential pitfalls and complications in the future. They ensure that the document effectively safeguards your interests, ensuring it functions as intended when needed most.

What assistance can The Matus Law Group offer relating to power of attorney?

The Matus Law Group provides comprehensive assistance in estate planning related to power of attorney, including the creation of durable powers of attorney. Their team of experienced New Jersey estate planning lawyers collaborates with clients to craft legally sound and highly customized documents. These documents are designed to safeguard clients' interests and wishes, even in situations of incapacity. The firm's expertise ensures that clients have peace of mind that their affairs will be effectively managed by a trusted agent when necessary.

How can The Matus Law Group be of help in estate planning?

The Matus Law Group offers invaluable assistance in estate planning by providing expert guidance and services tailored to individual clients' needs and objectives. Whether it's creating durable powers of attorney, wills, trusts, or addressing other estate planning matters, their experienced team of attorneys ensures that clients' wishes are clearly documented and their interests are safeguarded in various circumstances. They provide comprehensive solutions to help clients secure their legacy and protect their interests.

How can I contact The Matus Law Group for assistance with estate planning matters?

To contact The Matus Law Group for assistance with estate planning matters, you can easily reach them by calling (732) 281-0060. Their experienced team of attorneys is readily available to provide guidance, answer your questions, and assist you in creating a comprehensive estate plan tailored to your specific needs and objectives.

Durable Powers of Attorney: What You Need to Know

Published on: September 19, 2023

Most people think of estate planning as making a plan for what will happen after they pass away, but in fact it encompasses a lot more than that. Have you ever wondered what would happen if you were still living, but somehow incapacitated and unable to manage your own financial affairs? What if you were unconscious and could not express your own desires about your healthcare?

This is where a New Jersey estate planning lawyer can provide valuable assistance. At The Matus Law Group, our lawyers can help you understand power of attorney and assist you in establishing a durable power of attorney that ensures your financial and personal affairs are managed according to your wishes, even if you become incapacitated. Contact us at (732) 281-0060 and let our experienced attorneys assist you in safeguarding your interests.

Fortunately, there is an estate planning tool that can help with these scenarios. It is called a durable power of attorney. You may already be familiar with the term “power of attorney,” but if not, here’s a basic summary: A power of attorney is an estate planning document in which one person, referred to as the “principal,” grants certain authority over the management of their affairs to someone they trust. The trusted person who is given authority through the power of attorney can be called the “agent” or the “attorney-in-fact.”

There are different types of power attorney. Among them are the healthcare power of attorney, which authorized the agent to make medical decisions, the general power of attorney, which authorized the agent to make financial decisions, and the limited power of attorney, through which the principal can pick or choose what authority he or she grants the agent.

A regular power of attorney loses its validity in one of three scenarios: when the principal revokes it, when you reach an expiration date that was set during its creation, or when the principal becomes in any way incapacitated. However, power of attorney can be made durable and a durable power of attorney continues to be valid if the principal becomes incapacitated. This makes it extremely valuable when accidents or health issues arise that prevent the principal from making his or her own decisions.

Having a durable power of attorney in place gives you peace of mind that if something happens to you — whether you lose your mental capacity to a disease like dementia or Alzheimer, or you are in an accident that leaves you in a coma — a trusted person will have the ability to legal act on your behalf and ensure that everything is handled as you would have wanted when you were fully aware and conscious.

Power Of Attorney After Death

A power of attorney is a legal document that grants an individual, frequently called the agent or attorney-in-fact, the permission to act on behalf of another person –referred to as the principal– in specific circumstances. This authorization is applicable while the principal is alive and capable and ends when the principal passes away.

Upon the death of the principal, the power of attorney automatically loses its validity. Consequently, the agent loses the legal right to represent the principal or make decisions on their behalf. Any actions carried out by the agent after the principal’s death are deemed unauthorized and lack legal validity.

In some cases, the agent could also be designated as the executor of the principal’s will. In such situations, they are entrusted with the duty of overseeing the principal’s affairs after their death. However, this role as an executor is separate from and not dependent on the power of attorney.

Navigating the complexities of estate planning involves understanding the role of a power of attorney, even beyond one’s lifetime. At The Matus Law Group, our New Jersey estate planning lawyers can offer invaluable guidance in establishing power of attorney to ensure a seamless transition of affairs and the fulfillment of your wishes. Contact us to schedule a consultation and take the first step towards securing your legacy.

Who can help me create a durable power of attorney?

If you want to create a durable power of attorney, it is important to do so with the guidance of an attorney rather than using online forms. An attorney can help you make sure your power of attorney is legally sound and does exactly what you intend for it to do. The Matus Law Group team has extensive experience helping clients with these issues, so please do not hesitate to contact us today.

Durable Powers of Attorney	Description
Definition	A durable power of attorney is an estate planning tool that grants authority to a trusted agent to manage the affairs of the principal in case of incapacity.
Types	Different types include healthcare power of attorney (medical decisions), general power of attorney (financial decisions), and limited power of attorney (specific authority).
Importance	A durable power of attorney ensures someone trusted can legally act on behalf of the principal in case of incapacity due to illness or accident.

Christine Matus