Giving someone the authority to act on your behalf is a serious matter. Creating a power of attorney can have long-term implications for all parties involved. However, not all powers of attorney are long-term in nature. In some situations, you may want to grant a limited power of attorney that only covers a specific period and matter.
Our lawyers at Merlino & Gonzalez have decades of experience handling real estate and estate planning matters. They have extensive knowledge of powers of attorney and will help you choose the best type of document for your needs. When you grant someone authority to act on your behalf, you want trusted legal advice before signing the power of attorney.
Contact Merlino & Gonzalez to schedule a consultation with an estate planning and real estate attorney in Staten Island, NY & New Brunswick, NJ.
How Merlino & Gonzalez Can Help You with a Limited Power of Attorney in New York and New Jersey
When you work with an attorney to draft a limited power of attorney, you want to ensure you hire someone with experience. At Merlino & Gonzalez, our lawyers limit their practice to the areas of wills and estate planning, estate and trust administration, real estate, and elder law and Medicaid planning.
When you hire our top-rated Staten Island, NY & New Brunswick, NJ estate planning and real estate attorneys, you can trust we will:
- Meet with you to learn about your situation and needs for a power of attorney
- Discuss various types of powers of attorney and explain the authority they grant to your agent
- Advise you of the laws governing powers of attorney in New York and New Jersey
- Prepare the forms and documents needed for a limited power of attorney
- Ensure your power of attorney meets all state law requirements
- Meet with you again to review and sign the forms to ensure all your questions and concerns are addressed
Our attorneys were named Lawyers of Distinction in 2024. They are recognized as authorities for New York and New Jersey real estate and estate planning law. When you need trusted legal representation, our seasoned lawyers can help you protect your best interests.
Contact Merlino & Gonzalez to schedule an appointment to discuss a limited power of attorney with our Staten Island, NY & New Brunswick, NJ estate planning and real estate attorneys.
What Is a Power of Attorney in New York and New Jersey?
A power of attorney is a legal document that allows a person to grant specific powers to another person. The principal is the individual giving someone power to act on their behalf. The other individual is the attorney-in-fact or agent. Powers of attorney are governed by state law.
The power of attorney grants the agent/attorney-in-fact the authority to act on behalf of the principal. A power of attorney may grant the agent financial, personal, or legal authority.
For example, an agent may have the authority to act on behalf of the principal in all financial matters. Therefore, the agent could buy and sell property in the principal’s name, settle and file lawsuits, open and close bank accounts, and make investment decisions. In other words, the agent could perform all financial transactions in the principal’s name that the principal could do themselves.
What Is a Limited Power of Attorney?
Powers of attorney may be limited in their scope and authority. A limited power of attorney specifies a specific task the agent may perform. The agent can only perform the specific task in the limited power of attorney, and the POA becomes null and void once the task is complete or the period to act expires.
A limited power of attorney may also be referred to as a specific or special power of attorney. Reasons why a person may choose a limited power of attorney include, but are not limited to:
- Appoint someone to sign documents in a real estate closing because they cannot attend the closing in person.
- You want to give someone authority to act on your behalf for a specific period while you are traveling to manage your affairs at home.
- Appoint someone to make healthcare decisions only in specific situations.
- You are planning to have surgery or require extensive medical treatment and want to give someone authority to manage your finances while you are incapacitated.
A limited power of attorney allows you to avoid the risks and complications of giving an agent broad powers to act on your behalf. Limited powers of attorney are often used in real estate transactions and estate planning.
Considerations When Signing a Limited Power of Attorney in Staten Island, NY & New Brunswick, NJ
When you meet with our attorneys to discuss a limited power of attorney, they will review specific considerations including, but not limited to:
Scope
Limited powers of attorney grant specific powers. For instance, you may grant a real estate attorney the power to sign documents for closing. You may grant a neighbor the power to sign for deliveries while you are on vacation. Because the purpose of the limited power of attorney is to restrict the agent’s powers, an attorney uses precise language to ensure the agent cannot act on your behalf in other matters.
Timeframe
A limited power of attorney automatically becomes void when the agent completes the specific task described in the POA. However, a limited power of attorney may grant broader powers based on a specific timeframe. For instance, parents traveling may grant their adult children authority to perform financial transactions while they are away. The POA terminates on the date stated in the document.
Legal Implications
A limited power of attorney is legally binding on the parties. It is crucial to work with an experienced power of attorney lawyer in New York or New Jersey when signing a power of attorney. Using online POA forms or creating a form yourself could result in granting someone too much power, which could lead to legal problems for you.
Attorneys for Powers of Attorney in Staten Island, NY & New Brunswick, NJ
When you meet with our estate planning and real estate attorneys in Staten Island, NY & New Brunswick, NJ, we will explain powers of attorney in detail and advise you of the best POA to meet your needs. Contact Merlino & Gonzalez to schedule a time to speak with an attorney about your situation.