Serving as an agent (or Attorney in Fact) with power of attorney in New Jersey is a decision that comes with great power and responsibility. The agent must act on the principal’s behalf and will be held to the highest standard of loyalty and duty under New Jersey law. For serving, agents are almost always authorized to receive some form of compensation. Exactly how much are agent with power of attorney fees in New Jersey? This is a question both principals and agents frequently ask.
In this relationship, the principal sets the terms. If the document has not been drafted, the principal can state the compensation (such as a specified hourly rate), provide a flexible term (such as “reasonable”), or specify that the agent is to receive no compensation at all. If the power of attorney in question has not been drafted, the above and many more compensation terms are possible with the help of an experienced New Jersey estate planning attorney.
More often then not, people ask this question after the fact. If the power of attorney has been signed, the first place to look is the document. There is almost always a clause stating how the agent is to be compensated. In most cases, the principal provides for flexible compensation, such as “reasonable.” This provides the flexibility in the case the Agent has to do extraordinary work, such as managing all the principal’s affairs while in a coma, all the way to simple actions, such as paying the mortgage while the principal is traveling abroad.
In New Jersey, if the principal has not specifically stated the compensation, the agent is not entitled to a fee without the appropriate Court’s approval. The agent can apply for, and the court may award “reasonable” compensation-but is not required to do so. “Reasonable” is a difficult standard to nail down, as judges’ opinions differ based on county and circumstance. We will provide examples of what reasonable looks like as new opinions are published on our blog.
If you have questions about agent and power of attorney fees in New Jersey or any other estate planning concerns contact our office for a free consultation.
New Jersey Estate Administration Fees
- Overview
- NJ Probate Attorney Fees
- NJ Executor Fees
- NJ Trustee Fees
- NJ Agent & Power of Attorney Fees
- NJ Guardianship Fees
Free Consultation
Peter Klenk is the founding member of Klenk Law, a seven attorney boutique estate planning law firm. We serve clients in Pennsylvania, New Jersey, New York, Minnesota and Florida. Peter Klenk received his Masters in Taxation LL.M. from NYU Law School and his J.D. from the University of Minnesota Law School. He served his country in the Navy JAGC during Desert Storm. Easy to talk to, feel free to call Peter for an appointment. We will make the process as easy as possible!
What Our clients are saying
Anna B.
Professional, cheerful, thorough and fast. Peter responded to my request for a consultation right away, and within just a few days my last will and living will were done. Rates are standard.
Elizabeth Ray
Peter and his associates were a pleasure to work with. He explained the process clearly and provided assistance nearly instantaneously. Highly recommended for trusts-and-estates-related needs!
Rachel Roney
Peter has done a great job with the estate planning for my father. He is very thorough and patient as we, the family need to make decisions.
D.P.
Like another reviewer, I contacted Peter through his website using the free consultation link, for a question regarding PA inheritance taxes. The question was quite technical and difficult to explain, and the answer was nowhere to be found on the web. Peter grasped precisely what I was asking, and provided a clear, helpful response (with a touch of humor) the very next day.
Christopher F.
Peter explained things in a way that was easy to understand. Everything was done in the time frame he said it. Could not have been better!
Let us put our expertise to work for you.
Free consultation within 24 hours.
