 | New Jersey Durable Financial Power of Attorney Form |
The New Jersey durable financial power of attorney form is a document that will grant powers to an Agent by a Principal, to allow the Agent to act on behalf of the Principal with regard to the Principal’s real property and financials while the Principal is either absent or ill. This document will not provide permission to make any medical decisions for the Principal. The Principal must read this document closely and thoroughly prior to completion. If any portion of this document is unclear, it’s highly recommended that the Principal consult with a trusted attorney who may clarify the information so that the Principal will be clear with regard what they are completing and signing.
This document is designed to go into immediate effect for the Agent and this will not change even if the Principal becomes incapacitated, disabled and/or incompetent. The Principal must be advised that the document must be signed before a notary public, The Principal may revoke this document at any time by having delivered, written notice of revocation to the assigned Agent or by selecting another Agent and completing a new document which would automatically revoke the document.
How to Write
Step 1 – The Parties – Enter the following:
- The Principal’s full name
- Principal’s full address
- AND
- Enter the name of the chosen Agent
- The full address of the Agent
Step 2 – Granting of Powers – The Principal must initial each power they wish to grant power over to their Agent – Carefully review each of the following powers before granting the powers to an Agent:
- Real property transactions
- Tangible personal property transactions
- Stock and bond transactions
- Commodity and option transactions
- Banking and other financial institution transactions
- Business operating transactions
- Insurance and annuity transactions
- Estate, trust, and other beneficiary transactions
- Claims and litigation
- Personal and family maintenance
- Benefits from Social Security, Medicare, Medicaid, or other governmental programs, or military service
- Retirement plan transactions
- Tax matters
- All of the powers listed – If the Principal shall grant all powers, simply initial this line, there is no need to initial each individual power in this case.
Step 3 – Special Instructions –
- Should the Principal have any specific, special powers to be provided, enter them into the lines provided on the form
Step 4 – Titled Sections –
The Principal must carefully review the titled sections as follows:
- Authority to Delegate
- Right to Compensation
- Right to Compensation – Should the initial agent become unable to serve, name one or more Successor Agent(s) in the lines provided (optional)
- Choice of Law
Step 5 – Signatures- Must be signed before a licensed Notary Public:
- Date the signature in dd/mm/yyyy
- Principal’s Signature
- Principal’s Social Security Number
Notarization –
As the Principal completes the document, the notary shall witness and acknowledge the remainder by entering their required information.
Step 6 – Acknowledgement of Agent –
- The Agent must acknowledge their responsibilities to the Principal by typing or printing the name of Agent
- The Agent must enter their signature
Step 7 – Preparation Statement –
If the document was prepared by someone beside the Principal, this person must enter the following:
- Type or Print the name of the person who has prepared the document
- Preparer must enter their signature
