North Carolina Power Of Attorney
A Power of Attorney (POA) is a document that allows one person, called the agent, to act on behalf of another person, called the principal. A properly executed POA is an extremely useful and versatile instrument that can be used in a wide variety of scenarios. At Carolina Estate Planning, we understand the law surrounding POA’s and how to properly utilize them as an effective estate planning tool.
What Are The Different Types of Power of Attorneys?
POAs are created pursuant to North Carolina General Statute Chapter 32C which is known as the North Carolina Uniform Power of Attorney Act. There are different types of POAs. Following is a brief explanation of a few of them, including:
- General: An agent is required to act in the best interest of the principal when exercising the rights given to them under a general POA. An agent may recover for reasonable expenses incurred while acting pursuant to the terms of the POA, but cannot be paid a fee for services. It ends if the principal becomes incapacitated.
- Durable: A durable POA differs from a general POA in that it does not terminate upon the incapacity of the principal.
- Special: A special POA provides the agent with powers that are limited to a specific situation or scenario. Health Care Power Of Attorney: A health care POA is a legal document which a principal executes to enable an agent to make decisions regarding their health care on their behalf.
When Does The Power of Attorney Go Into Effect And How Long Is It Valid?
The terms of the actual POA can dictate when the POA goes into effect and the length of time which it is valid. For example, a POA can state that it only goes into effect should a certain future event occur, such as the principal becomes incapacitated. If the POA does not state that its validity is contingent upon a future occurrence, then it is assumed to be effective at the time of execution. Likewise, when a POA terminates also depends largely upon the terms of the POA. Chapter 32C-1-110 further explains how a POA terminates.
What Matters Can The Agent Handle On Behalf Of The Principal?
There are many matters which an agent can handle on behalf of the principal, including:
- Health insurance transactions
- Life insurance transactions
- Tax matters
- Estate transactions
- Real estate matters
- Personal property matters
- Banking transactions
- Access to safety deposit box
- Stock transactions
Contact Jeff to Learn More Today
For a POA to be effective, there are certain terms and conditions with which it must comply statutorily. I encourage you to reach out to me, Attorney Jeff Bloomfield, for assistance with the preparation and execution of a POA that is specially crafted to meet your individual needs and preferences. Please contact me at 336-221-4457 or online. I look forward to providing you with representation that brings you peace of mind.