Among the long list of things that the principal can hand over to the appointed individual include managing bank accounts, any decisions surrounding the principal’s business, the buying and selling of property, and any other financial matters or assets held under the principal’s responsibility.
The responsibilities that the chosen attorney-in-fact will oversee include but are not limited to:
– The buying, selling, and refinancing of the property
– Controlling of bank accounts
– Any decisions that need to be made for business-related purposes
– Managing of the assets owned by the principal
New Jersey power of attorney forms – know more about powers of attorney for different assets in New Jersey.
New Jersey Requirements
As with any legally binding document, the power of attorney form must be filled out following the requirements outlined in New Jersey Signing Requirements (§ 46:2B-8.9). These laws included in the requirements regulate the completion of durable POA forms in New Jersey, defining them as a legal document. Included in the laws which are necessary to comply with are:
- The New Jersey durable POA should include:
The full legal name and signature of the creator (principal) of the durable POA
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- The full name of the chosen attorney-in-fact
- The full name of the chosen successor-used only in cases where the original appointee cannot act
- The current date
- A numbered list of the powers the selected individuals may oversee
- The allotted time in which the attorney-in-fact will have control over the principal’s financial and business matters granted
- New Jersey signing requirements state that all parties’ signatures are required and only legally recognized when done with a witness and a notary public. The witness may not be a relative or anyone appointed in the POA document.
- If there is a need to transfer property, the document should be registered with the County Registrar’s Office.