Other Important Uses for a Power of Attorney You Wouldn’t Normally Think Of

Do you have powers of attorney in place for all of life’s circumstances that could arise? Powers of attorney can give other parties of your choosing the ability to make important decisions for your or on your behalf in various situations. What is a power of attorney according to state law? Under NJ Stat. Section 46:2B-8.2, a power of attorney is defined as “a written instrument by which an individual known as the principal authorizes another individual or individuals or a qualified bank . . . known as the attorney-in-fact to perform specified acts on behalf of the principal as the principal’s agent.”

Powers of attorney are often used to ensure that a person’s financial matters or healthcare decisions can be handled in the event that they become incapacitated and need someone else to handle those matters for them. Yet there are actually many other important uses for a power of attorney that you might not think about initially that could provide great benefit to you. Our Summit estate planning lawyers can tell you more.

Handling Digital Assets 

A power of attorney can manage your online presence, including social media accounts, email, and other digital assets.

Negotiating Contracts

 Your agent can negotiate and enter into contracts on your behalf, ensuring your interests are represented in various transactions.

Managing Intellectual Property 

If you own copyrights, patents, or trademarks, a power of attorney can help manage these intellectual properties and handle any related legal matters.

Overseeing Real Estate Transactions

 Your agent can buy, sell, or lease property on your behalf, making real estate transactions smoother and more efficient.

Filing Taxes

 A power of attorney can file your taxes, handle audits, and communicate with tax authorities on your behalf.

Handling Insurance Claims

 Your agent can file and manage insurance claims, ensuring you receive the benefits you are entitled to without the hassle of handling claims yourself.

Managing Investments 

A power of attorney can make investment decisions, buy or sell securities, and manage your financial portfolio according to your instructions.

Caring for Pets 

Your agent can ensure your pets are cared for, making arrangements for their well-being if you are unable to do so yourself.

Making Charitable Donations

 A power of attorney can make donations to charities on your behalf, supporting causes you care about even when you are not able to do so personally.

Managing Retirement Accounts 

Your agent can handle your retirement accounts, including making contributions, withdrawals, and other necessary transactions.

Managing Affairs of College-Aged Children While They Are Away at School

You can handle various financial and healthcare-related tasks that must be completed for your child even if they are miles away attending college.

Contact a Summit Estate Planning Lawyers 

Do you have any of the above needs we have discussed? If so, you should certainly consider how a power of attorney could be valuable to you and to your family. You can work with one of the experienced New Jersey estate planning lawyers at Dempsey, Dempsey & Sheehan to create a power of attorney document today. Contact us to discuss your specific needs and to find out more about how we can assist you.

Source:

casetext.com/statute/new-jersey-statutes/title-46-property/chapter-462b-revised-durable-power-of-attorney-act