As we get older, it becomes even more necessary for us to prepare for the inevitable. Estate planning helps us get our affairs in order so that our wishes and needs are met when we are no longer able to make decisions for ourselves.
The power of attorney is one of the most critical parts of an estate plan. This document allows you to name someone to make decisions on your behalf if you ever become incapacitated. There are a few different types of power of attorney a person can consider.
Different ways of assigning a power of attorney
First, a general power of attorney will stay in effect until you become incapacitated or pass away and can apply to financial transactions, property transactions, and/or other matters.
Another option is to assign a durable power of attorney that will stay in effect even after you become incapacitated, while a springing power of attorney will only take effect when you become incapacitated.
A limited power of attorney authorizes another person to handle matters related to a specific transaction. However, once that transaction is completed, the power no longer exists.
Finally, a medical power of attorney authorizes another person to make decisions relating to your medical care if you are unable to make decisions for yourself.
Many people put off creating their estate plans until it is too late, leaving grief-stricken family members to manage their affairs. By estate planning in advance, you can relieve your family of a great deal of stress while making sure you and your assets are protected. A New Jersey attorney in your area can make sure your estate plan is up-to-date and comprehensive.
