Florham Park associate Kristen Curatolo was quoted in an article titled, “Your Money: The truth about 'power of attorney' documents,” originally published in The Star Ledger.
In the Q&A article, a reader submitted the following question: “Individuals who are unable to conduct their affairs often have designated someone to act as their power of attorney. If this occurs, how does the person so designated get access to accounts?”
Kristen advised the reader, “Generally, there are four types of powers of attorney, or POA. There’s a ‘Special Power of Attorney,’ in which a person is authorized to perform a specific act or acts, and the authority is limited to the special powers listed. A ‘Durable Power of Attorney’ expressly provides that it is not terminated by the incapacity of the principal, while Non-Durable Powers of Attorney are terminated if the principal becomes incapacitated. A ‘Springing Power of Attorney’ can also be specific or broad, but it only ‘springs’ into effect if the principal becomes incapacitated. Finally, certain states have a ‘Statutory Power of Attorney,’ but not New Jersey.”
To read the entire article on NJ.com, please click here.