Why You Need a Power of Attorney
Whether you have one dollar or one hundred million dollars, you need to designate a power of attorney for financial and legal decisions. At the law firm of Avelino Nitkewicz LLP, we draft durable powers of attorney as a part of every estate-planning package that we create for our clients in Summit, New Providence, Madison and other communities in north-central New Jersey.
What is a Power of Attorney?
A power of attorney is a legal instrument in which you designate a trusted person to make legal and financial decisions for you if you become incapacitated. In New Jersey, your agent under a power of attorney can even take basic steps to protect your assets if you are admitted into a nursing home.
Not having a power of attorney could result in a financial disaster for your spouse or family members. Many people assume that their spouse or family members could make decisions for them if they were incapacitated. However, that is not the case. In New Jersey or New York, your family members would need to go though a lengthy guardianship proceeding before they could pay bills or make financial decisions for you. The cost of a guardianship proceeding is approximately 25-50 times the cost of a power of attorney document.
If your power of attorney was drafted before 2004, it needs to be revised to include language that would enable your agent to do asset protection planning on your behalf.
Free Lawyer Consultation
For more information about powers of attorney or to schedule a free initial consultation with an attorney at Avelino Nitkewicz LLP, call 888-334-7310 or fill out the contact form on this Web site.
