A
power of attorney for finances allows you to legally appoint and empower
someone else to handle certain matters on your behalf. The extent of these
powers is entirely up to you, but many couples chose to have all powers
authorized.
A durable power of attorney in North Carolina allows a person to handle one, some or all of the following on your behalf:
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Real property transactions (land and home) |
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Personal property transactions |
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Bond, share and commodity transactions |
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Banking transactions |
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Safe deposit transactions |
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Business operating transactions |
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Insurance transactions |
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Estate transactions |
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Personal relationships and affairs |
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Social Security and unemployment transactions |
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Military benefits transactions |
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Tax matters |
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Employment of agents (hiring people to work on your behalf) |
In
addition, the powers you give another person can be immediate or effective
only after you become incapacitated, or both. A power of attorney that is
active upon you becoming incapacitated is sometimes called a Springing Power
of Attorney because it "springs" into effect, and power of attorney that
remains active throughout your life is sometimes referred to as a durable
power of attorney.
While it is important to state what a power of attorney does, it also important to dispel a few of the myths regarding its use. First, a power of attorney is not active after a person's death. State law provides that a power of attorney expires upon death. Second, a power of attorney is not irreversible. You can cancel a power of attorney at any time by putting this wish in writing, having it notarized and filing the document in the register of deeds office in which the power of attorney could be used. Third, a person can pick and chose among the various powers listed above and can even tailor the power to fit a particular need. There is no need to give someone complete power over your financial situation when all you want to do is allow a person to make withdrawals for you at a bank.
Although a power of attorney is reversible and there is no requirement to give complete authority to a person, use of a power of attorney for finances should be considered carefully before anything is signed.
If you are interested in obtaining a power of attorney for finances and other documents, then please proceed to the Questionnaire. If you wish to return to the estate planning page, then Click Here. If you wish to return to the main page, then Click Here.
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