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

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

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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. – PowerPoint PPT presentation

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Title: 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
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What Is a Power of Attorney?
A legal document that allows you to select
someone to act for you
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giving that person specific legal authorities and
the ability to make legal decisions on your behalf
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What Do They Do?
Powers of attorney are very powerful and
flexible documents
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No two are identical, and through them you can
pass on specific decision-making abilities to
someone else
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How Do You Make a POA?
You can only give someone else the right to make
decisions on your behalf if your power of
attorney meets all North Carolina legal
requirements
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What Are the POA Terms?
Powers of attorney can be as broad or as limited
as you like, but are typically divided into two
different types
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Financial Power of Attorney
Financial powers of attorney are very useful,
especially if youre going on vacation, have
complicated financial affairs, or are planning
ahead for potential incapacity
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Through these documents you can pass on
decision-making rights in a number of areas
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Healthcare Power of Attorney
Healthcare powers of attorney allow your agent
to make medical decisions after you are
incapacitated
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Attorney-in-Fact
The person you choose to represent your interests
is called an agent or an attorney-in-fact
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It can be almost anyone you choose, but that
person will have specific authority as granted
under the power of attorney and the terms you
choose
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Durable Power of Attorney
If you want your agent to act after you have
become incapacitated you must create a durable
power of attorney
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Non-durable powers terminate as soon as you are
incapacitated
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Limited, General, or Springing POA
The person who creates a power of attorney,
called a principal, gets to choose how broad the
agents authority is and how long the powers last
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Revocation
As a principal you remain capable of altering or
revoking the power of attorney at any time
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Non-passable Powers
Powers of attorney are NOT suited for ALL purposes
There are some inherent limitations with these
documents
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Act Now, Change Later
It is always best to have a power of attorney
ready than to need it yet not have it
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Creating a power of attorney under emergency
situations is never a good idea, as these
documents require planning and preparation
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13
Not Enough for Everything
Powers of attorney are very useful, but they are
not the only legal document you need when
creating an estate plan
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Here are some others you will likely need to
create
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LEARN MORE ABOUT POWERS OF ATTORNEY IN NORTH
CAROLINA
POWERS OF ATTORNEY IN NORTH CAROLINA
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