What is power of attorney?

When an individual starts thinking about the estate planning process, one of the many factors that they may want to consider is whether they want to appoint power of attorney to a trusted loved one, attorney, or business entity. Though power of attorney is a broad term, it is essentially granting the responsibility of making decisions on your behalf to another individual, known as an agent.

There is a common misconception that power of attorney is only applicable to individuals who have become incapacitated and can no longer make decisions for themselves. However, this is simply not the case. Power of attorney can be very helpful if an individual is unable to make a meeting for a real estate transaction or for any other situation that may require their signature. Power of attorney can be helpful for spouses that are frequently apart or for business partners. That’s not to say that power of attorney can’t be used in situations of illness or incapacitation because they absolutely apply to this circumstance as well.

Power of attorney is relatively customizable, depending on when or why the agent will have to act on behalf of the other party. It can be general or for only specific situations.

If you have questions about power of attorney, contact our firm today.

The law firm of Mattleman, Weinroth & Miller, P.C., is composed of experienced divorce and family law attorneys throughout the states of New Jersey, Pennsylvania and Delaware. Please contact the office to schedule a free initial consultation and get any questions answered regarding your specific case.