First Thread Discussion: Ashay Samuels Power of Attorney is used to elect an agent who will act, during incapacity, on the behalf of an individual (the principal). It is a written document where one...

First Thread Discussion: Ashay Samuels

Power of Attorney is used to elect an agent who will act, during incapacity, on the behalf of an individual (the principal). It is a written document where one person appoints another as their agent, and that agent has the authority to act on their behalf. The power of attorney authorizes the agent to act as is they themselves were the principal. It can authorize the agent to perform any type of financial transaction, this is known as a general power of attorney. In the state of New Jersey General Power of attorneys can:

1. Make payments or collect monies owed

2. Power to Acquire, lease or sell personal property

3. Power to acquire lease and sell real property

4. Management powers

5. Banking powers

6. Motor vehicles

7. Tax powers

8. Safe- deposit Boxes

9. Gift making powers

10. Lending and borrowing

11. Contracts

12. Health Care

13. HIPAA

14. Power to hire and pay for services

15. Reimbursement of attorney-in-fact

16. Power to sue third parties who fail to act pursuant to power if attorney

The powers of the power attorney are too broad and far reaching, the whole reason for having a power of attorney is to make things easier on loved ones who may need to step in to make important medical and financial decisions at a moment's notice but things can go awry when the person selected to carry it out is untrustworthy, abuses his or her authority, or makes decisions that are not in the best interest of the person who set up the power of attorney. No one person should have the legal right to handle all of one person’s affairs or be able to have that much power over another. It’s like assuming someone’s identity but legally. The power of attorney as it stands is much too broad and without consequence, it is subject to abuse.

Second Thread Discussion: Karina Gomez

Power of attorney in New Jersey is used to elect someone who can act for an individual on their behalf when certain situations impede them to do on their own. It is written and signed so that the person can act on the others behalf. In general power of attorney the agent can make any financial decisions on that persons behalf. It is important that the person who fulfills the power of attorney must have the required understanding of the significance of the act when the document is signed. The power of attorney must be recorded in writing. The document for power of attorney must state what powers are not eligible; the type of incapacity, disability, or incompetence the person may have for it to take effect. The power of attorney remains effective until the person withdraws it. It states that the power of attorney has to always act on the individuals benefit at all times. I believe the general power of attorney seems like too much power. In general power of attorney the agent responsible is able to make any financial decisions for that person. The agent responsible is also in charge of property. If an agent is not honest they can easily run away with your money and it’s pretty impossible to get it back. If the agent commits foolish acts you will be responsible for your agent’s acts. If an agent is authorized to manage your financial affairs and signs a contract to purchase something on your behalf you will have to pay for it. It is important to have a trustworthy person.