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The different power of attorney documents

When considering the options in an estate plan, such as different types of trusts, a will and other options to pass on assets, some New Jersey residents may not be focused on a particular document that could help them now: a power of attorney document. But, there are different types of power of attorney documents to consider.

First, the most common use of a power of attorney document is to appoint a designated person to handle certain affairs in the absence of capability on the part of the person who makes the designation. One important designation is a person to handle financial issues in the event of incapacity. This allows the designated individual to pay bills, manage investments and make sure taxes get paid.

Another type of power of attorney document is a health care power of attorney. This document, similar to the financial power of attorney, designates an individual to make certain health care decisions in the event of incapacity. This is important when a tragic event results in sudden, unplanned hospitalization, and medical professionals look to close family members for decisions on what type of health care to pursue. If a health care power of attorney is in place, that is the person who will make those decisions.

Power of attorney documents should not be overlooked in an estate plan. Wills and trusts are important, but New Jersey residents need to make sure that they have all of the options they need to have a comprehensive estate plan in place.

Source: FindLaw, "Power Of Attorney," Accessed May 20, 2017

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