Powers of Attorney in North Carolina: What They Are and Why You Need Them
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Powers of Attorney in North Carolina: What They Are and Why You Need Them



In this presentation we will look at the different powers of attorney in North Carolina, how you make them and why you should make them.

In this presentation we will look at the different powers of attorney in North Carolina, how you make them and why you should make them.



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Powers of Attorney in North Carolina: What They Are and Why You Need Them Presentation Transcript

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  • 4. Medical decisions Financial decisions The ability to enter into contracts Supervision of children Almost any other legal choice you can make
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  • 6. • You can only make a power of attorney if you are capable of legally making your own decisions Sound Mind • Only an adult can grant power of attorney Age • You have to make a document granting power of attorney In Writing • You need to sign and notarize your power of attorney Signed and Notarized
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  • 8. • Give someone else the right to pay your bills for you, enter into contracts on your behalf, manager finances, invest your money, or other specific financial abilities Financial • Give someone else the ability to make medical decisions for you should you become medically incapacitated or otherwise unable to make your own decisions Healthcare
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  • 10. Everyday financial management such as bills or other payments Buying, selling, or maintaining real estate Paying taxes or preparing tax returns Operating your family business Transferring property to a trust Managing financial investments
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  • 12. Allowing or refusing artificial nourishment or hydration Allowing or refusing medical procedures Allowing or refusing the performance of heroic life-sustaining measures
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  • 14. Not Necessarily a Lawyer • The title “attorney-in-fact” does not require you to appoint a lawyer, nor does it mean your agent can act as an attorney. It simply means that person represents your interests. Fiduciary • Your agent can not take advantage of his or her position to better his or her own interests. Your agent has to act with your best interests in mind. Capable • You must appoint a capable adult as your agent and not someone who is mentally infirm, under the age of 18, or otherwise unsuitable to perform the duties as your representative.
  • 15. Willing You cannot force anyone to be your agent. The person must be willing to serve in the position. Individual or Organization Your agent can be a single person, multiple people, or representatives of an organization that you appoint to the position, such as your bank
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  • 18. • These powers grant specific authority to the agent but only in a limited capacity. Limited • These grant the agent the most possible authority under the law. General • These powers only take effect if specific circumstances happen. For example, a springing power of attorney could give your agent authority to manage your finances if you are ever in an accident or otherwise incapacitated. Springing
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  • 20. • The power of attorney automatically terminates as soon as you die. Automatic • Your agent has the authority to act on your behalf for as long as he or she remains aware that the power of attorney is in effect. To effectively revoke it you must notify the agent of the revocation. Notification • You also retain the right to effectively change the agent’s powers. This is typically done by revoking the old power of attorney and adopting a new power of attorney that states the new limitations. Alteration
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  • 22. Legal Authority You cannot give your agent the right to make or modify your will, choose a guardian for your child, vote in an election, or other rights that only you have. Probate Powers of attorney terminate on death, so if you want your agent to act as your probate representative you need to appoint that person as your executor in your will.
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  • 24. Act Now You can create powers of attorney now that will only spring into effect should an emergency arise. Change Later If you want to change your powers of attorney, it is relatively simple to do this later, especially after you’ve already gone through the process of discussing what options you have.
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  • 26. Last will and Testament Trusts Living Will