What is the legal effect if I add a provision in my power of attorney that my three children must act jointly?

Full Question:

I wanna name my three children in a power of attorney of my estates in New Jersey. Can I execute a multiple power of attorney that gives them all equal power? What will be the legal effect if I add a provision that they have to act jointly?
02/15/2017   |   Category: Power of Attorney   |   State: New Jersey   |   #32202

Answer:

In New Jersey, a person can execute a multiple power of attorney that allows multiple attorneys-in-fact to exercise the power conferred by it. If the power of attorney has a provision that the attorneys-in-fact must act jointly, then the concurrence of all appointed attorneys-in-fact is required to exercise any power.

This is covered in N.J. Stat. § 46:2B-8.7 which reads:

“a. Unless the power of attorney expressly provides otherwise, all authority granted to multiple attorneys-in-fact may be exercised by the one or more who remain after the death, resignation or disability of one or more of the attorneys-in-fact.
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c. The power of attorney may provide that the attorneys-in-fact shall act jointly. If so provided then, subject to subsection a., the concurrence of all appointed attorneys-in-fact is required to exercise any power.
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In your case, if you added a provision in your power of attorney that your three children must act jointly, then the concurrence of your three children is required to exercise any power under the power of attorney.