Powers of Attorney are important documents that assist in the management of your assets, and are typically used if you are rendered unable to manage your own financial affairs. Any individual (regardless of citizenship) who owns overseas property faces unique issues when establishing a Power of Attorney for these assets. Optimally, a local attorney in the country where the property is located should draft a limited Power of Attorney to address management of the foreign property. Depending on individual circumstances this may not be realistic or possible.
If a Power of Attorney cannot be obtained in the foreign jurisdiction, there may be options to have a New Jersey Power of Attorney recognized by a foreign country. These procedures certify the New Jersey Power of Attorney for use in the foreign country. At a minimum, the New Jersey Power of Attorney will need to be properly drafted and executed, before it can be certified.
Individuals seeking to have their Power of Attorney recognized overseas should proceed cautiously. Depending on local preferences in the foreign country, some procedures may be more favorably received than others. In addition, the application process may involve some elements of which clients should be aware.
