Power of Attorney for Realtors and Real Estate Agents
Power of Attorney for Realtors and Real Estate Agents
Every adult has day-to-day affairs to manage, such as paying the bills. Many people are under the impression that, in the event of catastrophic illness or injury, a spouse or child can automatically act for them. Unfortunately, this is often wrong, even when joint ownership situations exist. We recommend Realtors and Real Estate Agents have a formal Power of Attorney prepared by their attorney so that if they became temporarily disabled a trusted person could handle their financial affairs and pay bills
The lack of properly prepared and executed power of attorney can cause extreme difficulties when an individual is stricken with severe illness or injury rendering him/her unable to make decisions or manage financial and medical affairs. All states have legal procedures, guardianships or conservatorships, to provide for appointment of a Guardian. These normally require formal proceedings and are expensive in court. This means involvement of lawyers to prepare and file the necessary papers and doctors to provide medical testimony regarding the mental incapacity of the subject of the action. The procedures also require the involvement of a temporary guardian to investigate, even intercede, in surrogate proceedings. This can be slow, costly, and very frustrating.
Advance preparation of the power of attorney can avoid the inconvenience and expense of legal proceedings. This needs to be done while the principal is competent, alert and aware of the consequences of his/her decision. Once a serious problem occurs, it is too late.
A federal regulation known as the Health Insurance Portability and Accountability Act (HIPAA) was recently adopted regarding disclosure of individually identifiable health information. This necessitated the addition of a special release and consent authority to all healthcare providers before medical information will be released to agents and interested persons of the patients. The effects of HIPAA are far reaching, and can render previously executed estate planning documents useless, without properly executed amendments, specifically addressing these issues. As HIPAA affects not only new documents, any previously executed documents are affected as well. Any previously executed Powers of Attorney, Living Wills, Revocable Living Trusts, and certainly all Medical Directives should have HIPAA amendments.
A Power of Attorney is an appointment of another person as ones agent. A Power of Attorney creates a principal-agent relationship. You, the grantor of the Power of Attorney, are the principal. The person to whom you grant the Power of Attorney is your agent. The agent is normally called an "attorney-in-fact." The attorney-in-fact does not become the owner of your property, but is merely permitted to deal with it within the terms set out in the Power of Attorney. Since an attorney-in-fact has the power to deal with your property, you, naturally, must be careful to give such a power only to a trustworthy person. You have entrusted to your attorney-in-fact those powers which are stated in your Power of Attorney.
The Power of Attorney if effective upon signing is a "durable power." This means that if you should become incompetent and be unable physically or mentally to handle your own affairs, the Power of Attorney, nevertheless, will continue to be as good as it was on the day that you signed it. If you become incompetent, the Power of Attorney will terminate only upon 1) a Courts declaring you to be incompetent or 2) upon your death. The attorney-in-fact may continue to use the Power of Attorney and acts performed under the Power of Attorney will be valid until either of those two events occurs, after which time acts performed by the attorney-in-fact will no longer be valid. Consequently, even if you become incompetent but no Court declares you to be so the Power of Attorney will still be effective.
Most people who give a Power of Attorney to someone else do it with the thought that if they should become ill or incapacitated or if they should travel, the Power of Attorney will permit the holder of it to pay their bills and to handle all of their affairs for them as limited in the Power of Attorney. This is what your attorney-in-fact may do for you under the Power of Attorney.
The granting of a Power of Attorney is not like the creation of a joint tenancy in property. Under a joint tenancy, each of the joint tenants has a property interest in the property so held, whereas, a person holding a Power of Attorney, while having the power to deal with the property, does not own any part of it nor can that person become the owner of it under the Power of Attorney by virtue of the Power of Attorney itself. This, however, does not prevent the holder of the Power of Attorney from transferring the property to himself or herself. This is another reason for giving such a power only to one whom you can trust.
Whenever your attorney-in-fact exercises any of the powers granted under the Power of Attorney, your attorney-in-fact must be prepared to show the Power of Attorney to anyone who questions the right to use it. If your attorney-in-fact deals with the title to real estate, it will be necessary for the Power of Attorney to be recorded. There is usually no reason to record the Power of Attorney until such time as property may be conveyed unless there is fear that the document might be lost.
A new website focusing on Wills and Elder law issues has been set up called Central Jersey Elder Law, found at www.centraljerseyelderlaw.com.
Kenneth A. Vercammen is an Edison, Middlesex County, NJ trial attorney who has published125 articles in national and New Jersey publications on business and litigation topics. He often lectures to trial lawyers of the American Bar Association, New Jersey State Bar Association and Middlesex County Bar Association.
He is a highly regarded lecturer on litigation issues for the American Bar Association, ICLE, New Jersey State Bar Association and Middlesex County Bar Association. His articles have been published by New Jersey Law Journal, ABA Law Practice Management Magazine, and New Jersey Lawyer. He is the Editor in Chief of the New Jersey Municipal Court Law Review. Mr. Vercammen is a recipient of the NJSBA- YLD Service to the Bar Award.
He has served as a Special Acting Prosecutor in nine different cities and towns in New Jersey and also successfully handled over One thousand Municipal Court and Superior Court matters in the past 12 years.
In his private practice, he has devoted a substantial portion of his professional time to the preparation and trial of litigated matters. He has appeared in Courts throughout New Jersey several times each week on Criminal personal injury matters, Municipal Court trials, and contested Probate hearings. He serves as the Editor of the popular legal website www.KennethVercammen.com
Article of the Week
Meet with an experienced
Attorney to handle your important legal needs.
Please call the office to schedule a confidential "in Office"
Attorneys are not permitted to provide legal advice by email.
Vercammen is the Managing Attorney at Kenneth Vercammen & Associates
in Edison, NJ. He is a New Jersey trial attorney has devoted a substantial
portion of his professional time to the preparation and trial of litigated
matters. He has appeared in Courts throughout New Jersey each week for
litigation and contested Probate hearings.
Vercammen has published over 125 legal articles in national and New Jersey
publications on elder law, probate and litigation topics. He is a highly
regarded lecturer on litigation issues for the American Bar Association,
NJ ICLE, New Jersey State Bar Association and Middlesex County Bar Association.
His articles have been published in noted publications included New Jersey
Law Journal, ABA Law Practice Management Magazine, and New Jersey Lawyer.
is chair of the Elder Law Committee of the American Bar Association General
Practice Division. He is also Editor of the ABA Estate Planning Probate
Committee Newsletter and also the Criminal Law Committee newsletter. Mr.
Vercammen is a recipient of the NJSBA- YLD Service to the Bar Award. And
past Winner "General Practice Attorney of the Year" from the
NJ State Bar Association. He is a 22 year active member of the American
Bar Association. He is also a member of the ABA Real Property, Probate
& Trust Section.
established the NJlaws website which includes many articles on Elder Law.
Mr. Vercammen received his B.S., cum laude, from the University of Scranton
and his J.D. from Widener/Delaware Law School, where he was the Case Note
Editor of the Delaware Law Forum, a member of the Law Review and the winner
of the Delaware Trial Competition.
RECENT SPEAKING ENGAGEMENTS ON WILLS, ELDER LAW, AND PROBATE
Edison Adult School -Wills, Elder Law & Probate- 2007, 2006, 2005,
2004, 2003, 2002 [inc Edison TV], 2001, 2000,1999,1998,1997
Nuts & Bolts of Elder Law - NJ Institute for Continuing Legal Education/
NJ State Bar ICLE/NJSBA 2008, 2007, 2006, 2005, 2004, 2003, 2002, 2000,
Elder Law and Estate Planning- American Bar Association Miami 2007
Elder Law Practice, New Ethical Ideas to Improve Your Practice by Giving
Clients What They Want and Need American Bar Association Hawaii 2006
South Plainfield Seniors- New Probate Law 2005, East Brunswick Seniors-
New Probate Law 2005
Old Bridge AARP 2002; Guardian Angeles/ Edison 2002; St. Cecilia/ Woodbridge
East Brunswick/ Halls Corner 2002;
Linden AARP 2002
Woodbridge Adult School -Wills and Estate Administration -2001, 2000,
1999, 1998, 1997, 1996
Woodbridge Housing 2001; Metuchen Seniors & Metuchen TV 2001; Frigidare/
Local 401 Edison 2001; Chelsea/ East Brunswick 2001, Village Court/ Edison
2001; Old Bridge Rotary 2001; Sacred Heart/ South Amboy 2001; Livingston
Manor/ New Brunswick 2001; Sunrise East Brunswick 2001; Strawberry Hill/
Wills and Elder Law - Metuchen Adult School 1999,1997,1996,1995,1994,1993
Clara Barton Senior Citizens- Wills & Elder Law-Edison 2002, 1995
AARP Participating Attorney in Legal Plan for NJ AARP members 1999-2005
Contact the Law Office
Kenneth Vercammen & Associates, P.C.
for an appointment.
Law Office cannot provide legal advice or answer legal questions over
the phone or by email. Please call the Law office and schedule a
confidential "in office" consultation. The Law Office
now accepts payment by American Express, Visa and Master Card.
This web site is purely a public
resource of general New Jersey information (intended, but not promised
or guaranteed to be correct, complete, or up-to-date). It is not intended
be a source of legal advice, do not rely on information at this site
or others in place of the advice of competent counsel. The Law Office
of Kenneth Vercammen complies with the New Jersey Rules of Professional
Conduct. This web site is not sponsored or associated with any particular
linked entity unless specifically stated. The existence of any
particular link is simply intended to imply potential interest to the
reader, inclusion of a link should not be construed as an endorsement.
Kenneth Vercammen handles
Wills, Last Will and Testament, probate contests, estate administration,
inheritance tax, executor, surrogate, Living Wills, estates, trusts,
undue influence, administrator, elder law, elderlaw, senior citizen,
eldercare, guardianship, trusts, estates, Avoid Probate, Personal
Injury, Deceased, Estate Planning, New Jersey Lawyer, New Jersey Attorney,
New Jersey Lawyers, New Jersey Law Firm, New Jersey Legal Service,
New Jersey New Jersey legal, New Jersey law, NJ Lawyer,
NJ Attorney, NJ Attorneys, NJ Lawyers, NJ Law Firm, Middlesex County,
Monmouth County, Mercer County, Somerset County, Union County, Ocean
County, Cranbury Police, East Brunswick, Edison, Highland Park, Jamesburg,
Old Bridge, Metuchen, Monroe, New Brunswick, North Brunswick, Perth
Amboy, Piscataway, Plainsboro, Sayreville, South Brunswick, South
Plainfield, Woodbridge, Superior Court, attorney,
Law Firm, 08817, 07095,08816, 08901, 08903
Copyright 2018. Kenneth Vercammen & Associates, P.C.