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Note: The views and opinions expressed here are those of the authors and do not necessarily reflect the position of the Morris County Chamber of Commerce.

Estate Plan Check-Up 3: Power of Attorney

3/19/2021

 
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As you do your estate plan check-up, you review your power of attorney. What do you need to focus on? A key question is: is your power of attorney durable? Literally, is the word “durable” in your power of attorney declaration? Under New Jersey law, unless your power of attorney says that it’s durable, as soon as you become incapacitated, it’s no longer effective.

Given that the main reason you probably have the power of attorney in the first place is in case you become incapacitated, you want to make sure that it’s durable. Other questions to ask: Does your power of attorney allow your agent to make gifts? Can your agent transfer your money to somebody else? If so, are there restrictions on that? Why would you want them to make gifts?

We work with a lot of older individuals, and there may be reasons to make transfers to be able to protect assets from the very expensive realities of long-term health care costs. But if a power of attorney doesn’t allow somebody to make gifts, then we can’t engage in that kind of asset protection planning if somebody becomes incapacitated.

Whom have you designated as your agent in your power of attorney declaration? You want it to be someone who, realistically, can step in and make decisions in a timely manner. A power of attorney is not a gift so much as a job, and you want to name the person who is best for the job. Example. If your oldest child lives in Bali and is an artist, and your younger child is an accountant who lives the next town over, we would suggest that your younger child might be better suited to act as your agent under a power of attorney.

Finally, is your power of attorney notarized? If a power of attorney is not notarized in New York or New Jersey, it is not valid. You need to make sure that the document is notarized.

This post is for general informational purposes only. The information provided may or may not apply to you given the specifics of your situation.
For a video presentation of this information, please visit Estate Plan Check-up.
For more detailed information, please visit porzioplanning.com or contact us for a free minute telephone consultation.

By Deirdre R. Wheatley-Liss, LL.M, CELA and Crystal West Edwards, Esq., CELA


Comments are closed.

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  • JOIN
    • Become a Member
    • Premier Membership
    • Membership Inquiry
    • The Value of Membership >
      • Grow Your Business
      • Build Your Brand
      • Professional Development & Education
      • Government Advocacy
      • Community Outreach & Volunteering
    • New Member Survey
  • About
    • Chamber Team
    • Our Mission
    • Our President
    • Board of Directors
    • Morris Business Cabinet
    • President's Circle
    • Ambassadors Council
    • What Members Are Saying >
      • Share a Testimonial
    • Frequently Asked Questions
    • Forums & Committees >
      • Business Development Forum
      • Business Strategy Exchange
      • Health & Wellness Forum
      • Human Resources Committee
      • Not For Profit Roundtable >
        • Nonprofit Donations
      • Real Estate Forum
      • Sustainability Forum
      • Tech Trends
      • Women in Business Program
      • Young Professionals Forum
      • Monthly Agenda Submission Form
    • Code of Conduct & COVID Policy
  • Membership
    • Member Benefits
    • Member to Member Deals
    • Member Exchange Online Community
    • Member Marketing Opportunities
    • Grand Opening Support
    • Conference Room Usage
    • Member Referral Bonus
    • Connect to Morris Job Bank
  • Events
    • Chamber Event Calendar
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    • Signature Events & Programs
    • NFP Nominations 2023
    • Not For Profit Conference Scholarship App
    • Golf Committee Volunteers
    • Golf Donations 2023
    • Submit an Event Idea
  • Directory
    • Searchable Business Directory
    • Member Spotlights
    • Nonprofit Organizations >
      • Not for Profit Spotlight
    • Legal Resources >
      • Employment Law
      • Commercial Services
      • Business Representation
      • General Legal
    • Enhance Your Directory Listing
  • News & Info
    • Certificate of Origin
    • Business Resources
    • Chamber Magazines
    • News Around the Chamber >
      • Around the Chamber Archive
      • Submit a Press Release
      • Submit a Neighbors Helping Neighbors Story
    • MCCC Blog >
      • Contribute to Our Blog
    • MCTV Let's Talk
    • Actionable Advice Video Library
  • Programs
    • Economic Development Corp
    • EDC Business Counseling
    • Public Policy Series
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