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The New Jersey General (Financial) Power of Attorney proposes an arrangement for an individual to lawfully administer their own established controls to another in regard to financial dealings. The agreement is designed to deliver several broad sweeping permissions but can also be adjusted as needed to provide a versatile arrangement contingent on the demands of the declaring party. The authorization created by the document effectively nominates an outside party to be named attorney-in-fact to performed select designated acts. Granted choice powers can be issued by the declarant depending on how the form is completed.

Laws

Statute – New Jersey Revised Statutes – Revised Durable Power of Attorney Act (§ 46-2B-8.1 – 46-2B-19)

Definitions – “Power of attorney” is a written instrument by which an individual known as the principal authorizes another individual or individuals or a qualified bank within the meaning of P.L.1948, c.67, s.28 (C.17:9A-28) known as the attorney-in-fact to perform specified acts on behalf of the principal as the principal’s agent (§ 46-2B-8.2(a)).

Signing Requirements – A notary and one (1) confirming witness must be on-location to view all endorsements to create legal standing (§ 46-2B-8.9 and § 46-14-2.1).

Revocation – § 46-2B-8.10