A New Jersey durable (financial) power of attorney is a document that authorizes another person to handle a person’s financial matters. The authorized individual, or ‘attorney-in-fact,’ can be given control over all or a part of the principal’s personal and/or business finances. The principal should appoint someone who is reliable, possibly a relative or close friend, who will act in the principal’s best interest. This type of power of attorney form remains intact in the event of the principal’s incapacitation, thus the term ‘durable.’ If the principal chooses to appoint their spouse as their agent, they should know that the agreement isn’t nullified upon divorce. However, the principal can terminate the agreement anytime as long as they are of sound mind.
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