It is vital to ensure your power of attorney is valid and still reflects your wishes if something unexpected happens. To begin with, check when the document was created and when you signed it.
Dealing with legal documents can be confusing, even frustrating. Be sure your financial interests are protected every step of the way by seeking legal assistance from a New Jersey estate planning lawyer.
Power of Attorney Provides Valuable Legal Protection
- A POA often ranks as the highest-level legal document in an individual’s life.
- It eliminates the necessity for court-ordered guardianship and keeps the state of New Jersey out of your life.
- If you become incapacitated, drafting a Power of Attorney could save you $7,000 in guardianship costs.
- Personalized Power of Attorneys allows you to nominate a legal representative to act on your behalf and in your best interest.
- A well-written Power of Attorney covers your financial, personal, medical, and quality of life concerns while delegating legal authority to your chosen agent.
Checklist For Revising Power Of Attorney
- Was it over ten years ago the last time you updated your Durable Power of Attorney? If this is the case, banks in New Jersey are not compelled to accept it. Your General Durable Power of Attorney and Living Will should be reviewed or renewed every five years at the latest.
- Does your General Durable Power of Attorney ensure that the suitable person represents you? Your attorney-in-fact can act on your behalf if you cannot deal with your financial problems. Verify that your designated attorney(s)-in fact, and any successors have the correct addresses.
- Does your General Durable Power of Attorney contain any provisions regarding Medicaid and estate tax plans or gifting? Asset protection plans allow people to safeguard their assets from nursing home costs, income taxes, and death taxes. Planning along these lines should be explicitly referred to in your general durable power of attorney.
- Do you have your Health Care Power of Attorney clearly outlining the nominee as per HIPAA (Health Insurance Portability and Accountability Act)? In order to comply with HIPAA privacy requirements, a new category of personal data has been recognized: Protected Medical Information (PMI) or Protected Health Information (PHI)
To eliminate any confusion regarding who your health care provider may disclose your PHI, it is imperative that you specify who has the authority to do so.