Powers Of Attorney Cannot Be Overlooked
Unlike guardianship, in which an individual seeks to be awarded authority to take control of another person’s legal, financial or medical affairs, a power of attorney is granted by the individual to another person.
For example, an elderly individual who is concerned about losing the capacity to make final financial or medical decisions toward the end of life may grant an adult son or daughter power of attorney to step in and make critical decisions. A power of attorney cannot be awarded to another person against the grantor’s wishes or without the grantor’s signature.
If you reside in New Jersey and wish to grant power of attorney to a loved one, call an established estate planning attorney at Lanza & Lanza. We have helped thousands of families find the peace of mind they need and deserve when helping their loved ones. We will explain the options for granting partial or full powers of attorney, as well as the conditions that can be put in place for establishing the parameters under which the power of attorney may be applied.
Under What Conditions Should You Consider Granting Powers Of Attorney?
Powers of attorney can be granted to another individual for a variety of needs and purposes, including:
- Durable power of attorney: Granted to allow another individual to make limited decisions regarding financial and legal affairs. The parameters may be set to broadly include any and all decisions regarding financial assets and holdings, or may be specifically limited to decisions regarding certain types of assets under specific conditions.
What is the difference between a medical power of attorney and a living will?
An advance health care directive, often referred to as a living will, is a document that states your final wishes regarding extraordinary medical procedures to extend your life in the event you are incapacitated and cannot state your wishes. Living wills help alleviate the guilt that surviving family members often face when trying to decide whether to pursue additional extraordinary life-saving measures with little chance of long-term success. A medical power of attorney, on the other hand, gives a family member the right to allow the doctor to take standard and accepted medical steps, if you are unable to respond to the doctor’s request of approval.