Durable Power of Attorney Form | New Jersey

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Updated on May 10th, 2023

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.

Laws

  • “Durable” Definition (§ 46:2B-8.2) – A durable power of attorney is a power of attorney which contains the words “this power of attorney shall not be affected by subsequent disability or incapacity of the principal, or lapse of time,” or ” this power of attorney shall become effective upon the disability or incapacity of the principal,” or similar words showing the intent of the principal that the authority conferred shall be exercisable notwithstanding the principal’s subsequent disability or incapacity, and unless it states a time of termination, notwithstanding the lapse of time since the execution of the instrument.
  • Statute – § 46:2B (Revised Durable Power of Attorney Act)
  • Signing Requirements (§ 46:14-2.1) – Notary public.